Question

KEC Ltd. Company issued 40,000 equity shares of Rs. 100 each at premium Rs 10 to public on the
following condition payment.
Rs. 30 on application
Rs. 60 on allotment including premium of Rs. 10
Rs. 20 on first and final call
Application were received for 60,000 shares. The BOD decided to allocate the shares on the
following basis
Applicants for 20,000 shares
Full
Applicants for next 30,000 shares
On pro-rata basis
Applications for 10,000 shares
Reject and Refunded
The BOD has preserved right to utilize the excess money received on application in subsequent
calls. All the monies called were received. However Mr.X to whom, 1,500 shares were applied on
pro-rata basis failed to pay the allotment and call money. These shares were forfeited after final call
is made. These shares were re-issued to Mr. Y for Rs. 95 as fully paid.
Required: Journal entries.​

Answer 1

Answer:

Please mark as brainliest