Question

Anthony Ltd.issued 40,000 equity shares of ₹ 20 each payable as ₹ 5 on application; ₹ 7 on allotment and ₹ 8 on final call. Company received the due amount but one shareholder holding 250 shares did not pay the allotment money and another shareholder holding 150 shares failed to pay the amount due on final call. Total amount of Calls-in-Arrears is

Options

• ₹ 1,750.

• ₹ 3,200.

• ₹ 6,000.

• ₹ 4,950.

Answer 1

₹ 4,950.

Explanation:

As per the prescribed minimum subscription requirement, a company must receive at least 90% of the Issued Capital before shares can be allotted. Hence, the correct answer is Issued Capital.