Question

A company offers 10000 equity share of Rs 10 each to public for the subscription Rs 12 per share money is payable as follows. on applications Rs 3 .on allotment Rs 4( including Rs 1 as premium) Rs 5 on call ( Rs 1 as premium) application received for Rs 15,000 no allotment made to the applicants for Rs 3000 and the application money is refunded.Rest on allotment shares on pro rata basis.All the allotees pay the money due on shares as when they called up record the journal entries in the books of company​

Answer 1

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