X Ltd. issued 20,000 shares of Rs. 10 each at a premium of 10% payable as follows:- On application Rs. 2 ( 1st Jan 2001), on allotment Rs. 4 (including premium) (1st April 2001), On first call Rs. 3 (1st June 2001), on second call & final call Rs. 2 (1st Aug. 2001). Applications were received for 18,000 shares and the directors made allotment in full. One shareholder to whom 40 shares were allotted paid the entire balance on his share holdings with allotment money and another shareholder did not pay allotment and 1st call money on his 60 shares but which he paid with final call. Calculate the amount of interest paid and received on calls-in-advance and calls-inarrears respectively on 1st Aug. 2001.
