Ashok a shareholder of a company to whom 12,000 shares of ₹ 100 each were allotted, failed to pay allotment ₹30 per share and first & final call ₹30 per share. Ashok had paid only application money. The Pro-rata allotment proportion is 5:6. What will be the amount of calls-in arrears on allotment?

₹2,64,000 

The correct answer is option 1- ₹2,64,000.

Alloted shares = 12,000
Pro-rata ratio is 5:6
Applied share by Ashok = 6/5 X 12,000
                                     = 14,400 shares

AMOUNT DUE ON ALLOTMENT= 12,000 X 30
                                              = ₹3,60,000

Excess money on application = (14,400-12,000) X 40
                                               = 2,400 x 40
                                                = ₹96,000

Calls in arrears = 3,60,000 - 96,000
                         = ₹2,64,000