Ans. Amount received on allotment 10. (Oversubscription/ Pro-rata allotment) Narendra Ltd. issued 1,000 debentures of 100 each at a discount of 10%. The amount was payable as follows: 25 on application 35 on allotment ₹30 on first and final call. In all applications for 1,200 debentures were received. Applications for 600 debentures were accepted in full. One applicant who had applied for 500 debentures was allotted 400 debentures and rest of the applications were rejected. All the amounts due were received in time. Give journal entries in the books of company. [Ans. Amount received on allotment 32,500]
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Exe Ltd. Issued 10,000, 9 % Debentures of ₹ 100 each at a premium of 10% payable ₹ 25 on application, ₹ 35 on allotment (including Premium) and the balance on fi₹t and final call. Applications were received for 15,000 debentures. Allotment was made on pro rate basis excess application money being applied towerds amount due on Allotment. All sums due were received by the company on due dates. Journalise the above transactions in the books of Exe Ltd. and prepere extract of the Balance Sheet showing Securities Premium Reserve and Debentures.
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