A company forfeited 400 shares of ₹20 each ₹15 called up, on which application and allotment money of ₹11 per share has been received. How much amount is not received that is called up by the company?

₹1,600

The correct answer is option 3- ₹1,600.

Called up amount = 400 X 15
                          = ₹6,000
Paid up amount = 400 X 11
                       = ₹4,400

Amount not paid by the shareholders = 400 X 4
                                                      = ₹1,600

Journal entry on forfeiture of shares-
Share Capital A/c Dr.  ₹6,000(400 x 15)
       To Share Forfeiture A/c      ₹4,400 (400 x 11)
       To Share first Call A/c        ₹1,600 ( 400 x 4)