Question

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Show the Journal entries including cash entries.
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Illustration 22 : Goyal Ltd. issued a prospectus with the object of inviting applicare
premium) on allotment and the balance on call. The issue was subscribed to the extent of 2h
Applications for shares below 20 (5,000 shares in total) were rejected. An applicant for 5.000
extent of allotment dues was retained. Shareholders holding 300 shares failed to pay the alle
was given 1,000 shares. The remaining shares were allotted pro-rata. The excess amoun
money and call money. Shareholders holding 150 shares failed to pay the call money. All 450
were forfeited. 150 equity shares out of the lot of 300 shares were reissued at a premium
PU-I. 2008: MDSU., 2010, 2012; MGSU BKN, 2006 & 2017; JNY
10.000 equity shares of 10 each at a premium of 10% payable 3 on application,​

Answer 1

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