Question

Q4. Reliance infrastructure Ltd issued 20,000 shares of Rs 10 each at
a premium of Rs 2 per share payable as follows:
Rs 4 on application along with premium
Rs 3 on allotment and Balance on first call.
Pass necessary journal entries.
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Answer 1

Reliance Infrastructure:

Interest on Calls in advance

Rs. 2.80 Interest on Calls.

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