Comprehension:Read the following passage carefully and answer the questions that follow.$X$ Ltd. issued $30,000$ shares to the public having a Face Value of ₹ $100$ at a $10\%$ premium. The money is receivable as follows:Application = ₹ $40$ (including premium)Allotment = ₹ $45$ First and Final call = Remaining amountThe public applied for $50,000$ shares. The company rejected applications for $10,000$ shares and made a pro-rata allotment to the remaining applicants. A shareholder who had applied for $400$ shares failed to pay the allotment and call money, and his shares were subsequently forfeited by the company. Later, these forfeited shares were reissued at ₹ $80$ each as fully paid.What is the amount to be credited to the Calls-in-Arrears Account at the time of forfeiture?

Let's solve this step by step:Understand the Pro-rata Category:Total Applications Received = $50,000$ shares.Rejected Applications = $10,000$ shares (money refunded).Remaining Applications = $50,000-10,000=40,000$ shares.Shares Allotted to this group = $30,000$ shares.Pro-rata Ratio = $40,000:30,000=4:3$.Find Shares Allotted to the Defaulting Shareholder:Shares Applied = $400$ shares.Shares Allotted $=400\times \frac{3}{4}=300$ shares.Calculate Excess Application Money Adjusted on Allotment:Excess shares applied $=400-300=100$ shares.Excess application money received $=100\text{ shares}\times ₹40=₹4,000$.Calculate Arrears on Allotment:Total allotment money due from him $=300\text{ shares}\times ₹45=₹13,500$.Less: Excess application money adjusted $=₹4,000$.Net Arrears on Allotment $=₹13,500-₹4,000=₹9,500$.Calculate Arrears on First & Final Call:Total Face Value = ₹ $100$, Premium = $10\%$ of ₹ $100=₹10$. Total Issue Price = ₹ $110$.Application $=₹40$ (includes ₹ $10$ premium + ₹ $30$ face value).Allotment $=₹45$ (face value).First & Final Call balance $=₹110-(₹40+₹45)=₹25$.Arrears on First & Final Call $=300\text{ shares}\times ₹25=₹7,500$.Total Calls-in-Arrears at Forfeiture:
$$\text{Total Calls-in-Arrears}=\text{Net Allotment Arrears}+\text{Call Arrears}$$
$$\text{Total Calls-in-Arrears}=₹9,500+₹7,500=₹17,000$$