Read the following passage and answer the question.
A company was registered with a nominal capital of ₹30,00,000 divided into shares of ₹100 each, Out of which 20,000 shares were offered to the public. The amount payable was ₹30 per share on the application, ₹40 per share on the allotment, and ₹30 per share on the first and final call. 19,500 shares are subscribed by the public which is allotted to them. A shareholder holding 800 shares did not pay the allotment money and further any call.
What is the amount of calls in arrears account?
Answer & explanation
Correct answer: option 4
The correct answer is option 4- ₹56,000.
A shareholder holding 800 shares did not pay the allotment money and further any call.
Calls in arrear is on 800 shares
Allotment money = 800 x 40
= 32,000
Final call money = 800 x 30
= 24,000
Total call on arrears = 32,000 + 24,000
= ₹56,000