The following amounts were payable on the issue of shares by a Company: ₹3 on application, ₹3 on the allotment, ₹2 on the first call, and ₹2 on the final call. X holding 500 shares paid only application and allotment money whereas Y holding 400 shares did not pay the final call. What will be the amount of calls in arrears?
Answer & explanation
Correct answer: option 3
The correct answer is option 3- ₹2,800.
X not paid first(₹2) and final call (₹2) i.e. ₹4
Not paid by X = 500 X 4
= ₹2,000
Y not paid final call of ₹2
Y not paid = 400 X 2
= ₹800
Calls in arrear = 2,000 + 800
= ₹2,800