A company offered for public subscription 20,000 equity shares of 100 each payable as 20 per share
Question:
A company offered for public subscription 20,000 equity shares of ₹100 each payable as ₹20 per share on application, ₹30 on allotment, ₹20 three months after allotment and the balance six months after allotment. The offer was oversubscribed by 5,000 shares and the amount due on allotment was received in full. ₹3,80,000 and ₹5,55,000 were received on first, second and final calls respectively. You are required to give the journal entries for the above information.
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To record the subscription of equity shares and the subsequent calls you would need to make the foll...View the full answer
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