XYZ Ltd. Issued 10,000 equity shares of Rs 100 each payable as - Rs 20 on Application, Rs 30 on Allotment, and Balance on Final call. Applications were received for 40,000 shares. It was decided to allot shares on Pro rata basis. 25% shares were allotted to every applicant, it was decided to transfer the balance of application money towards due allotment and refund the balance amount. How much money will be refunded?

₹3,00,000

40000*20 = 8,00,000
10000*20= 2,00,000 Share Capital
10000*30= 3,00,000 share allotment
Excess money received = 3,00,000 Refunded