Lovely Ltd. issued 40,000 shares of 10 each payable as follows:
On application 6 and balance on allotment.
Public applied for 65,000 shares. Shares were allotted on pro rata basis of the applicants of
50,000 shares. Money overpaid on applications was employed on account of sum due on allotme
All the shareholders have paid the amount up to allotment except Mohan, the allottee of 8,000 shars.
Pass necessary Journal entries.
Answers
Answered by
1
Answer:
what is this I don't know the answers
Explanation:
what is this I don't know the answers
Answered by
3
Answer:
Bank a/c Dr 3,90,000
To Share application a/c 3,90,000
Share Application a/c Dr 3,90,000
To Share Capital a/c 2,40,000
To Share Allotment a/c 1,50,000
Share Allotment a/c Dr 1,60,000
To share capital a/c 1,60,000
calls in arrears a/c Dr 10,000
To share allotment a/c 10,000
Explanation:
Since in the last stage only 10,000 remains deficient it will be recorded in the calls in arrears a/c.
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