Read the passage given below and answer the question:

K Ltd. invited applications on 3000 Equity Shares of 100 each at a premium of 20. For application ₹ 50, on allotment ₹ 50 and on final call 20. Application also includes premium amount. Total application received 4,000 and allotted on prorata basis and excess amount adjusted towards allotment. One shareholder holding 600 shares did not paid allotment money but paid it with final call that was made after 2 months of allotment. Final call amount received in full.

Calculate the amount adjusted in share allotment account.

₹50,000

The correct answer is Option (3) → ₹50,000

Shares issued = 3000
Applications received = 4000

Money received on applications = 4000 x 50
                                              = ₹200000
Money adjusted against share capital = 3000 x 50
                                                      = ₹150000

Excess money = 200000 - 150000
                     = ₹50000
This money will be adjusted against allotment.