On 1.1.2015, X Ltd. makes an issue of 1,00,000 equity shares of Rs. 100 each payable as follows:
Rs.
Application 20
Allotment 30 (3 months after allotment)
Final Call 50
Applications were received for 1, 20,000 shares and the directors refunded the excess application money. One shareholder, who was allotted 2,000, shares, paid first and final call with allotment money and another shareholder did not pay allotment money on his 3,000 shares but which he paid with first and final call. Directors have decided to charge and allow interest, according to the Table F of Schedule I to the Companies Act, 2013. The amount of interest on calls-in-arrear will be _____.

Rs. 2,700

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Rs. 4,500

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Rs. 2,250

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Rs. 3,750

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Solution

The correct option is C Rs. 2,250
Here, allotment money paid by shareholder A for 2000 shares is Rs 202000 i.e. Rs 40,000 and for final call Rs 502000 i.e. Rs 1,00,000.
Shareholder B paid for Rs 50 final call of shares i.e. Rs 503000 i.e. Rs 1,50,000 but he did not pay allotment money which amounted to Rs 303000 i.e. 90000. Therefore total unpaid money

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	Rs.
Application	20
Allotment	30 (3 months after allotment)
Final Call	50