Question

P.Q company Limited invited public for purchase of 10000 shares of 10 each at a premium of 5 per share. payment was to be made as follows: On application 2 on allotment 7 (including premium) on first and final call 6. application were received for 14000 shares. the board of directors rejected application for 2000shares and their applicatios money were refunded. on 200 shares calls money were not received. rest all the money due were received. these 200 shares were forfeited. later on, these shares were reissued at per. pass entries in the journal of the company for the above transactions

Answer 1

Answer:

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