X Ltd. made a final call on equity shares @ Rs. 20 each. Face value of shares is Rs. 100. One shareholder holding 300 shares paid the final call after 2.5 months after it had become due. The company had adopted Table F of Schedule I to the Companies Act, 2013, the amount of interest on Calls-in-Arrear will be ______.

Rs. 75

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Rs. 125

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Rs. 150

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Rs. 100

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Solution

The correct option is B Rs. 125
Calls in Arrears refers to the amount called by the company which is not paid by the shareholders before the due date fixed for the payment. Such amount is transferred to an account calls in arrears account from the call account. Here 300 shares were unpaid at Rs 20 which means Rs 6000 was unpaid. As per Companies act if articles don't mention about calls in arrears then rate of interest will be 10% p.a. Therefore, 10% of 6,000 is Rs 600 and for it was paid after 2.5 months so the interest will Rs (600/12) *2.5 i.e. Rs 125

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