Akash Ltd. registered capital is ₹ 50,00,000 in shares of ₹ 10 each. The company issued 2,00,000 of such shares, payable @ ₹ 3 per share on application, @ ₹ 3 per share on allotment and balance on first and final call. What will be the amount due on allotment, if shareholder holding 20,000 shares paid all call money at the time of allotment only?
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In accounting for share capital, "Due" and "Received" are two different things.
• Amount Due: Total shares $\times$ Installment rate.
• Amount Received: Amount Due + Calls-in-Advance $-$ Calls-in-Arrears.
Always look for the keyword "due" to avoid getting distracted by advance payments.