Question

ILLUSTRATION 6.
Spencer Paints Ltd. was registered with an authorised capital of 350,00,000
divided in 5,00,000 equity shares of 10 each. Company issued 2,00,000 equity shares
at a premium of 73 per share, payable as follows : 34 on Application; 35 on Allotment
(inciuding premium); 2 on First Call and 2 on Second and Final Call.
All shares were subscribed and all the money was duly received. Share issue
expenses amounted to 375,000 which were fully written off against Securities
Premium.
Prepare necessary Journal Entries and Bank Account.​

Answer 1

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Explanation:

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