Question

Pilot Ltd. Issued 10000 equity shares of ₹10 each, payable ₹2 on application ,₹3 on allotment and balance on first and final call. Application were received for 12000 shares were allotted as under:-
Application for 8000 shares were allotted in full, those who applied for 3000 shares were allotted 2000 shares and application for 1000 shares were rejected . Whole of the money was called and received
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Answer 1

Answer:

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Explanation:

journal

1) bank account dr. 24,000

To share application 24000

2) share application account dr. 24,000

To share capital 20,000

To share allotment 2,000

To bank account 2,000

3) Share allotment account dr. 30,000

To share capital 30,000

4) Bank account dr. 28000

To share allotment 28000

5) Share first and final call account dr 50,000

To share capital 50,000