question_answer

M Ltd. issued 50,000 shares of Rs.100 each payable Rs.20 on application (on 1st May 2020); Rs.30 on allotment (on 1st August 2020); Rs.20 on first call (on 1st November 2020) and the balance on final call (on 1st January 2021). Shankar, a shareholder holding 5,000 shares did not pay the first call on the due date. The second can was made and Shankar paid the first call amount along with the second call. All sums due were received. Total amount received on 1st January was:

A) 15,00,000

B) 16,00,000 

C) 10,00,000

D) 11,00,000