Question

ABC Company Ltd.offered for subscription 20,000 shares of ₹ 10 each payable ₹ 3 on application and ₹ 5 on allotment for each share. Applications were received for 30,000 shares. Letters of regret were issued to applicants for 5,000 shares and their application money was refunded.
Application money for other 5,000 shares was applied towards the payment for allotment money. The balance of allotment money was also received in due time.
You are to prepare the journal, Cash Book, Ledger Accounts and the Balance Sheet of the company.

Answer 1

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Application money for other 5,000 shares was applied towards the payment for allotment money. The balance of allotment money was also received in due time.

You are to prepare the journal, Cash Book, Ledger Accounts and the Balance Sheet of the company.

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Answer 2

Explanation:

Issued Capital (Rs.10 each) =No of shares x face value

= 20,000 x 10

= Rs 2,00,000

Payable amount :

On Application Rs.3

On Allotment         Rs.5

Total                 Rs.8