Question

Illustration 18.
MCS Ltd. issued 40,000 shares of * 10 each payable as 2 per
a 40,000 shares of 10 each payable as 2 per share on application, 24 per share
on allotment and the balance in two equal instalments.
Applications were received for 80,000 shares and the allotment was
,000 shares and the allotment was made as follows:
(a) Applicants of 50,000 shares were allotted 30,000 shares.
(6) Applicants of 30,000 shares were allotted 10,000 shares.
Neeraj, to whom 600 shares were allotted from Category (a), failed to pay the allotment money.
Pašs necessary Journal entries up to allotment only.​

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