Question

8. Nama Ltd. invited the public to subscribe 1,00.000 equity shares of 10 each at a premium
of 2 per share payable on allotment. Payment to be made as follows:
On Application
2
On Allotment
On first & final call
Balance amount
Applications were received for 80,000 shares, call was made and all the money were
received except on 5,000 shares which were forfeited. Give Journal entries. (J.A.C., 2016)​

Answer 1

Explanation:

Nama Ltd. invited the public to subscribe 1,00.000 equity shares of 10 each at a premium

of 2 per share payable on allotment. Payment to be made as follows:

On Application

2

On Allotment

On first & final call

Balance amount

Applications were received for 80,000 shares, call was made and all the money were

received except on 5,000 shares which were forfeited. Give Journal entries. (J.A.C., 2016)