Answer based on following passage.

Earn Limited, with an authorised capital of 10,00,000 is divided into equity shares of ₹ 10 each, issued 50,000 equity shares at a premium of 3 per share payable as follows.

On application - 3 per share
On allotment - 5 per share (including Premium)
On first and final call- Balance amount.

Applications were received for 60,000 shares. The Directors allotted the shares to all applicants on pro-rata basis. All money received except I call on 1,000 shares issued to Ravi.

Identify the number of shares applied by Ravi.

1,200 shares

The correct answer is Option (1) → 1,200 shares

60,000 applied → 50,000 alloted

Ravi → 1000 alloted

Applied shares by Ravi = $\frac{1000}{50000} \times 60000$ = 1200 shares