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Q. (Over-subscription) R.Ltd. invited applications for 2,000 equity shares of $100 each, payable as follows: $ 725 on Application $ 740 on Allotment $

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Q. (Over-subscription) R.Ltd. invited applications for 2,000 equity shares of $100 each, payable as follows: $ 725 on Application $ 740 on Allotment $ 35 on First and Final Call Applications were received for 2,500 shares. It was decided to allot the share as under: A, who applied for 500 shares was allotted 300 shares. B, who applied 1,200 shares was allotted 1,000 shares. C who applied for 800 shares, was allotted 700 shares. All money was received except from B who did not pay anything after application. Excess money received on application was adjusted towards allotment. Journalise.

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