R.Ltd invited applications for 15,000 shares of ₹10 each at premium of ₹2 per share. The amount was payable as follows:
On Application ₹4
On allotment ₹5
On 1st call ₹2
On final call ₹1
Applications were received for 20,000 shares. The application of 2,000 shares was rejected. Mohan, who applied for 3,000 shares was allotted in full and prorata allotment was made to the remaining applicants. All money was fully received with the exception of the first call and final call on 3,000 shares held by Hari. These shares were forfeited and subsequently re-issued @ ₹8 per share.

On the basis of the above information answer the question.

Calculate amount received on reissue of shares.

₹24,000

The correct answer is option 4- ₹24,000.

Shares were re-issued @ ₹8 per share.
So amount received is 3,000 x 8
                                   = ₹24,000