A company issued 4,000 equity shares of Rs. 10 each at par payable as under:
On application Rs. 3, on allotment Rs. 2; on first call Rs. 4 and on final call Rs. 1 per share. Applications received for 16,000 shares were rejected and pro-rata allotment was made to the applicant for 10,000 shares. How much amount will be received in cash on the first call, when excess application money is adjusted towards the amount due on allotments and calls:
1
Rs. 6,000
2
Nil
3
Rs. 16,000
4
Rs. 10,000