Question

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kirat pannu ltd. Offered 10000 shares of Rs 100 each at a premium of rs 20 per share payable thus; rs 10 per share on application,
rs 40 per share and rs10 premium allotment;
and rs 50 per share and rs 10 premium on final payment
Over payment on application exceeding to be applied towards sums due on allotment and over payment on application exceeding sums due on allotment were to be returned. Where no allotment was made , money was to be returned in full. The issue was over subscribed to the extent of 13000 shares . Application for12000 shares were alloted only 10000 share and application for 2000 share were sent letters of regret and application deposits were returned to them. All the money due on allotment and final call duly received.
Make necessary journal entries.

Answer 1

Answer:

Please check the journal entries