Question

• July 2 Purchased merchandise on credit from Jonak Company, terms 2/10, n/30, FOB destination, invoice dated July 1, $4,000.

Answer 1

Answer:

what we have to do in this

Explanation:

Money received in Share application account - 4,50,000 (1,50,000 X 3)

Less: Money for share allotment - 3,00,000 (100000 X 3)

Less: money for shares rejected - 60,000 (20000 X 3)

__________

Excess money available 90,000

The amount of excess application money available for adjustment against allotment is Rs.90,000.