Read the passage given below and answer the question:
K Ltd. invited applications on 3000 Equity Shares of ₹100 each at a premium of ₹20. For application ₹50, on allotment ₹50 and on final call ₹20. Application also includes premium amount. Total application received 4,000 and allotted on prorata basis and excess amount adjusted towards allotment. One shareholder holding 600 shares did not pay allotment money but paid it with final call that was made after 2 months of allotment. Final call amount received in full.
Calculate the amount received in final call that includes arrear also.
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → ₹80,000
Final call due on all allotted shares = 3,000 × ₹20 = ₹60,000
Allotment money in arrears (the holder of 600 shares) = ₹20,000
Amount received with the final call = ₹60,000 + ₹20,000 = ₹80,000
The shareholder paid his unpaid allotment money together with the final call, and the final call was received in full, so both amounts come in at the time of the final call.