Question

black & white company invited applications for 10,000 shares of rs.100 each payable as follows: on application 20%, on allotment 30% , on first call 40% and on final call 10%. applications were received 12,000 shares. the applicants for 8,000 shares were alloted all the shares applied for. one applicant who had applied for 4,000 shares was, however, alloted only 2000 shares and the excess application money was retained for adjustment on allotment dues. all the calls were made and money realised except the final call money on 600 shares. pass the necessary journal entries in the books of the company. Plz solve this question. Urgent

Answer 1

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