Question

(Shares Issued at Par, Oversubscribed-full allotment to some applicants, partial allotment to others and no allotment to the rest).
Preeti & Co. Ltd. was registered with an authorised capital of Rs. 10,00,000 divided into 1,00,000 shares of Rs. 10 each. The company offered 60,000 shares to public on which amounts were payable Rs. 3 per share on application, Rs. 3 per share on allotment and the balance when required. Applications for 92,000 shares were received on which the Directors allotted as follows:
`{:("Applicants for 40,000 shares",-,"Full,"),("Applicants for 50,000 shares",-,"40%,"),("Applicants for 2,000 shares",-,"Nil".):}`
Rs. 84,000 were received as allotment money (excluding the amount carried from application money).
Show the Journal entries recording the above.

Answer 1

Answer:

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