Question

Zee Ltd. issued shares of ₹20 each at a premium of ₹10 per share. Amounts were payable as follows:

On Application	₹5 (including premium ₹1)
On Allotment	₹6 (including premium ₹2)
On First Call	₹7 (including premium ₹3)
On Second and Final Call	Remaining amount

Aryan, a holder of 500 shares failed to pay allotment and first call and his shares were forfeited after the first call. On forfeiture, Calls in Arrears will be:

Options

• Credited with ₹12,500

• Credited with ₹6,500

• Credited with ₹4,000

• Credited with ₹8,000

Answer 1

Credited with ₹6,500

Explanation:

	₹
Amount not paid on allotment: 500 × 6	3,000
Amount not paid on first call: 500 × 7	3,500
	6,500