X Ltd. decided to issue 12000 shares of Rs 100 each. Payable at Rs 30 on application, Rs.40 on Allotment, Rs 20 on first call and balance on second and final call. Applications were received for 13000 shares, the directors decided to reject applications of 1000 shares. The amount of refund is -

₹30,000

The correct answer is option (1) : ₹30,000.

Applications received = 13,000
Applications issued = 10,000
Application amount per share = ₹30
Application rejected = 1,000

Refund amount = Applications rejected x Application amount per share
                      = 1,000 x 30
                      = ₹30,000