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AL Muna Limited was engaged in exporting of medical instrument from Sultanate of Oman to rest of the countries in the world. It was in
AL Muna Limited was engaged in exporting of medical instrument from Sultanate of Oman to rest of the countries in the world. It was in short of finance and unable to get loan from the banks due to pandemic COVID 19 situation. To arrange the finance, AL Muna Limited decided to issue 10,000 shares of OMR 80 each, payable OMR 20 on share application, OMR 30 on share allotment, OMR 10 on share first call and the balance amount on share second and final call. Applications were received for 11,000 shares. The directors decided to reject application of 1,000 shares and their application money being refunded in full. The allotment money was duly received on all the shares. All the sums due on share calls were received except on 90 shares. Show the journal entries in the books of AL Muna Limited
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