Superb Limited issued Equity shares of the value ₹ 3,00,000, the face value being 10 each at a premium of 20%. The amount payable was- Application-30% Allotment-50% (including premium) Two calls - Equal amount Pro-Rata allotment was done to all applicants of 40,000 shares. Ramit who applied for 80 shares failed to pay both calls and his shares were subsequently forfeited.

The amount received on applications adjusted towards allotment is:

₹90,000 ₹3,000 ₹30,000 ₹12,00,000

₹30,000

30000 shares are issued. 40000 applications are received. 10000 Shares money is adjusted towards allotment means 10000 X 3 = ₹30000