Superb Limited issued Equity shares of the value ₹ 3,00,000, the face value being 10 each at a premium of 20%. The amount payable was-
Application-30%
Allotment-50% (including premium)
Two calls - Equal amount
Pro-Rata allotment was done to all applicants of 40,000 shares.
Ramit who applied for 80 shares failed to pay both calls and his shares were subsequently forfeited.

The value of the second & final call is:

₹2

40% is for both calls. So, ist call is 10 X 40/100 X 1/ 2  = ₹2