941 Category ANALYSIS OF APPLICATION MONEY Shares Shares Application money Disposal of Application money applied for allotted received Application Allotment Call Refund money money Rs. Rs. Rs. Rs. Rs. 300 3,000 450 600 450 1,500 11,525 5,575 34,575 16,725 17,850 32,000 4,250 96,000 12,750 17,000 12,750 53,500 43,825 9,975 1,33,575 29,925 35,450 13,200 55,000 150 (a) (b) (c) AB Ltd. issued 10,000 equity shares of Rs. 10 each at a discount of 10% payable 2.12 as follows: Rs. 2.00 per share on application; Rs.2.00 per share on allotment; Rs. 2.00 per share on first call; and Rs. 3,00 per share on final call. Applications were received for 12,000 shares and the directors allotted 10,000 shares and refunded the excess application money for 2,000 shares. The allotment money was duly received on all the shares. One shareholder holding 1,000 shares did not pay the first call money whereas another shareholder holding 200 shares paid the final call money along with the first call money. The company did not make the final call. Pass the necessary Journal entries in the books of AB Ltd