Question

6. (Issue of Shares at Par) Sky Rockets Ltd. make an issue of 10,000 equity shares of 7 100
each, payable 20 on application, 40 on allotment and 40 on call. All the shares are
subscribed and amounts duly received. Pass journal entries to give effect to these.
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Answer 1

Explanation:

10000+7100+20+40+20 ,=172000