A company issued for public subscription 40,000 shares of 10 each payable: On application: 2 On allotment:
Question:
A company issued for public subscription 40,000 shares of ₹10 each payable:
On application: ₹2
On allotment: ₹5
On call: ₹3
Applications were received for 60,000 shares. Applicants for 45,000 shares paid the application money in cash while the rest paid that money through stockinvests. The shares were allotted on the pro-rata basis. All allottees paid the allotment and call money on due dates. Pass journal entries in the books of the company, if surplus application money was refunded.
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Record the receipt of applications Dr Bank Cash 90000 60000 shares 2 per share Dr Stockinvests Stock...View the full answer
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