Cronic Limited issued 10,000 equity shares of Rs. 10 each payable as Rs. 2.50 on application, Rs. 3 on allotment, Rs. 2 on first call, and the balance of Rs. 2.50 on second and final call. All the shares were fully subscribed and paid except by a shareholder having 100 shares who could not pay for second and final call. Call in Arrears A/c will be debited with-
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → Rs. 250
Calls in Arrears Account is debited with the amount called up but not paid. Only the second and final call went unpaid, and only on 100 shares.
Second and final call = Rs. 2.50 per share
Shares on which it was not paid = 100
Calls in arrears = 100 × Rs. 2.50 = Rs. 250
The application, allotment and first call on those shares were all paid, so nothing else goes into arrears.
NCERT (2026-27 edition):
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