Read the following passage and answer the question.

A company was registered with a nominal capital of ₹30,00,000 divided into shares of ₹100 each, Out of which 20,000 shares were offered to the public. The amount payable was ₹30 per share on the application, ₹40 per share on the allotment, and ₹30 per share on the first and final call. 19,500 shares are subscribed by the public which is allotted to them. A shareholder holding 800 shares did not pay the allotment money and further any call.

What amount will be written under the heading 'Subscribed Capital' in the notes of the share capital of the balance sheet?

₹18,94,000

The correct answer is option 4- ₹18,94,000.

Subscribed Capital:
Subscribed and fully paid up capital = (19,500 - 800)
                                                         = 18,700 Shares X 100
                                                         = ₹18,70,000

Subscribed but not fully paid up capital =
                                 Called up capital = 800 shares X 100
                                                            = ₹80,000
                            Less: Calls in arrears = 800 shares X 70
                                                              = ₹56,000
                          Total amount received = 80,000 - 56,000
                                                              = ₹24000

So, Total subscribed capital = 18,70,000 + 24,000
                                            = ₹18,94,000