Question

Z Ltd. made the first call of Rs. 30 per share on 15.1.2015. The last date of payment of call money was 31.1.2015. Mr. N, holding 50,000 shares paid the call money on 15.3.2015. The company had adopted Table F of Schedule I to the Companies Act, 2013, the amount of interest on Calls-in-Arrear will be _____.

• A. Rs. 16,250
• B. Rs. 19,375
• C. Rs. 18,750
• D. Rs. 17,500

Answer 1

The correct option is C Rs. 18,750

Here 50,000 shares at Rs 20 were unpaid at due date which means Rs 15,00,000 was paid in advance. 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 15,00,000 is Rs 1.50,000 and for it was paid after 1.5 months (due date was 31st Jan 2015) so the interest will Rs (150000/12) *1.5 i.e. Rs Rs 18,750.