Read the following passage carefully and answer the questions.

X Itd. Issued 30,000 shares to the public having Face value ₹100 at 10% premium. Money is receivable as follows:

Application = ₹40 (including premium)

Allotment = ₹45

First and Final call = Remaining amount

The public applied for 50,000 shares. The company rejected application for 10,000 shares and made a pro rata allotment to the rest of the applicants. A shareholder applying for 400 shares, didn't pay the allotment and call money and his allotted shares were forfeited by the company. Later, the forfeited shares were reissued at ₹80 each as fully paid. 

The amount of Security Premium Reserve shown under the sub-head "Reserves and Surplus" will be:

₹3,00,000

The correct answer is option 1- ₹3,00,000.

Issue applications = 30,000
Received applications = 50,000
Rejected application = 10,000

Securities premium will be related to 30,000 shares

So, amount transferred to reserves & surplus = 30,000 shares x 10
                                                                  = 3,00,000