Answer based on following passage.

Earn Limited, with an authorised capital of 10,00,000 is divided into equity shares of ₹ 10 each, issued 50,000 equity shares at a premium of 3 per share payable as follows.

On application - 3 per share
On allotment - 5 per share (including Premium)
On first and final call- Balance amount.

Applications were received for 60,000 shares. The Directors allotted the shares to all applicants on pro-rata basis. All money received except I call on 1,000 shares issued to Ravi.

Identify the amount received as Subscribed Capital.

Rs 4,95,000

The correct answer is Option (4) → Rs 4,95,000

Subscribed capital = 50000 × 10 = 5,00,000

- Calls in arrears 1000 × 5 = (5000)

Answer: Rs. 495000