Mohana itd. Issued 2,00.000 equity shares. The whole of the issue was
underwritten as follows:
P 40%.Q-30% and R-30%. Application for the 1,60,000 shares were in all out of
which applications for 40,000 shares had the stamp of P. those for 20000
shares that of Q and those for 40,000 shares that of R. The remaining
applications for 60,000 shares did not bear any stamp. Determine the net
liability of the underwriters.
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Explanation:
Rise Ltd had issued 40,000, 8% debentures of Rs. 100 each redeemable
on 31st march 2015. It was decided to invest 15% of the face value of
debentures to be redeemed towards debenture redemption investment on
30th april 2014. Investments were encashed and debentures were
redeemed on due date. Record necessary journal entries for redemption of
debentures
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