question_answer

Rishi Limited invited applications for issuing 30,000 shares of Rs.10 each at par. The amount was payable as follows : On Application Rs.4 per share; On Allotment Rs.2 per share; On First and Final Call Rs.4 per share. Applications were received for 70,000 shares and Allotment was made on pro-rata basis and excess application money to be adjusted on allotment and first & final call. Amount refunded to the applicant will be :

A) 1,00,000

B) 60,000

C) 1,20,000

D) Nil