Question

Z Ltd. invited applications for issuing 40,000 equity shares of ₹100 each at a premium of ₹25 per share. The amount was payable as follows:

On Application	₹20 per share (including ₹4 premium)
On Allotment	₹30 per share (including ₹5 premium)
On First Call	₹40 per share (including ₹6 premium)
On Second and Final Call	Balance Amount

Gayatri, a shareholder holding 200 shares, did not pay the first and second and final call and her shares were forfeited after the second and final call.
Calls in Arrears Account will be Credited by:

Options

• ₹11,800

• ₹8,200

• ₹15,000

• ₹7,000

Answer 1

₹15,000

Explanation:

	₹
Amount not paid on First Call: 200 Shares × ₹40	8,000
Amount not paid on Second & Final Call: 200 Shares × ₹35	7,000
	15,000