CCT Ltd., with a nominal capital of 1,00,000 equity shares of 7 10 each, offered 60,000 shares for public
subscription, payable * 4 on application, 4 on allotment and 2 on the first
and final call. All the
shares were applied for, duly allotted and the call was made. The cash was duly received.
Give the necessary Journal entries for the above transactions (including cash) and show how the capital
would appear in the company's Balance Sheet.
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Explanation:
Mr. Jitendra, the owner of ‘Jitendra Steel Industry’ does the wholesale trade of utensils. Some of the utensils are made in his factory itself and some others, he purchases from other manufacturers. Every day, he has to make payment to several other traders. He wants that as soon as he deposits money in his bank, it should be credited to the account of receiver without any delay. On enquiring from the bank, he learnt that through e- banking there are two systems available for sending money from one place to another. According to one system, transfer of money from one bank to another is done in batches and according to the other system, transaction are done one after the other in continuity.
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