3. Excellent Company Ltd., issued 10,000 Equity Shares of 10 each. The amount was payable as follows: 85₹2 On application On allotment * 3 and On first and final call 5 Applications were received for 12,000 Equity Shares. The Directors refunded excess application money on 2,000 Shares. All the money was duly received except the first and final call money on 1000 Shares helb by Niraj. His shares were forfeited by the Directors of the company. These shares were re-issued to Prakash at 8 per share as fully paid-up.


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