A company issued 25,000 equity shares of ₹10 each at a premium of ₹3 per share payable as follows:On Application ₹2 On Allotment ₹5(including premium) On First call ₹1 Balance on final callThe company received ₹ 1,00,000 towards application money. Of which 10000 applications are rejected and the remaining applications are adjusted towards allotment. A shareholder holding 3000 shares paid the first call and final call along with allotment money.1. How many applications are received by the company? a. 25,000 b. 50,000 c. 75,000 d. 1,00,0002. How much application money is adjusted towards allotment? a. 30,000 b. 40,000 c. 15,000 d. 10,0003. After allotment how much net allotment money is received by the company? a. 1,13,000. b. 1,25,000 c. 1,40,000 d. 95,0004. What journal entry you will pass for excess application rejected? a. Share application a/c Dr to Bank b. Share application a/c Dr to Share allotment c. Share application a/c Dr to Share capital d. Share application a/cDr to Share first call