hariom Ltd issued 100000rupies new capital divided into 100 rupies shares at a premium of rupies 20 per share payable on application: rupees 10. on allotment:40(including premium)
Over subscriptions on applications were to be applied towards sums due on allotment and call, where
no allotment was made, money was to be refunded in full.
Applications were received for 23,000 shares. Applicants for 12,000 shares were allotted only
2,000 shares and applicants for 3,000 shares were sent letters of regret and application money was
returned to them. All the money was duly received,
Give Journal entries to record the above transactions in the books of the company,
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