Analyse the case given below and answer the questions that follow :
Nikhil Technologies Ltd. issued 5,000; 9% Debentures of ₹100 each at a premium of ₹20 payable as follows:
(i) ₹40 including premium of ₹10 on application
(ii) ₹40 including premium of ₹10 on allotment
(iii) Balance as first and final call.
Applications were received for 5,000 debentures and allotment was made to all the applicants. All the calls were made, and amounts received.
Q. What amount of the money received in application is transferred to the securities premium reserve account: