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Journal Entry Eastern Company Ltd. issued 40,000 shares of Rs. 10 each to the public for the subscription of its share capital. payable at Rs.

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Eastern Company Ltd. issued 40,000 shares of Rs. 10 each to the public for the subscription of its share capital. payable at Rs. 4 on application, Rs. 3 on allotment and the balance on Ist and final call. Applications were received for 40,000 shares. The company made the allotment to the applicants in full. All the amounts due on allotment and first and final call were duly received. Give the journal entries in the books of the company

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