Satyam Ltd invited applications for 50000 equity shares or ₹10 each. Money was payable in full on application. Application were received for 48000 share which were duly allotted. Give neccessary Journal entries in the book of the company
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Answer:
Bank account dr 480000
To Equity share application & allotment a/c 480000
Equity share application & allotment dr480000
To Equity share capital. 480000
Explanation:
as 48000 application received so this is the case of undersubscription then company alloted 48000 shares
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