ABC limited company issued 10,000 equity shares of Rs.100 each. Amount were payable as follows: on application Rs.20 on allotment Rs.40 on first call Rs.30 on final call Rs.10 Application were received for 25,000 shares. The directors decided to make pro-rata allotment for 20,000 application and remaining application were rejected. Excess money was utilized sum due on allotment.​