SmartLtd.offered 20,000 shares to the publicpayableas: 7 3 on application,7 4 on allotment and 3 on First and FinalCall Applications for 37,000 shares were received on which the allotment was made asunder:
A. Applicants of 5,000 shares 5,000 shares
B. Applicants of 25,000 shares 15,000 shares
C. Applicants of 7,000 shares
Nil
Calculate the excess application money to be adjusted towards allotment and passthe necessary Journal Entries assuming that the amounts due w ere received.
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