Based on following, answer question.

High Light India Ltd. invited applications for 30,000 shares of ₹100 each at a premium of ₹20 per share payable as follows:

Applications were received for 40,000 shares and pro-rata allotment was made on the application for 35,000 share. Excess application money was utilised towards allotment.

Rohan to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited immediately after allotment.

Aman who applied for 1,050 shares failed to pay first call and his share were forfeited immediately after first call.

Second and final call was made. All the money due on second call have been received.

Of the shares forfeited, 1,000 share were reissued as fully paid-up for ₹80 per share, which included the whole of Aman's shares.

Excess application money transferred to share allotment account is:

₹2,00,000

The correct answer is Option (4) - ₹2,00,000.

Applications were received for 40,000 shares and pro-rata allotment was made on the application for 35,000 share.
Application issued = 30000 shares
Excess money received on application = 5000 shares x 40
                                                       = ₹200000
This money will be adjusted against allotment.