Shyam Ltd invited applications for issuing 80,000 equity shares of Rs 10 each at a premium of
Rs 40 per share. The amount was payable as follows
On application Rs 35 per share (including Rs 30 premium)
On allotment Rs 8 per share (including Rs 4 premium)
On first and final call Balance
Applications for 77,000 shares were received. Shares were allotted to all the applicants.
Sundram to whom 7,000 shares were allotted failed to pay the allotment money. His shares
were forfeited immediately after allotment.Afterwards the first and final call was made.
Give journal entries.
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JOURNAL ENTRY IN THE BOOKS OF SHYAM LTD.
Explanation:
REFER TO THE ATTACHMENT FOR THE JOURNAL ENTRIES.
Attachments:
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