Question

Sony Media Ltd.issued 50,000 shares of ₹ 10 each payable ₹ 3 on application, ₹ 4 on allotment and balance on first and final call. Applications were received for 1,00,000 shares and allotment was made as follows:
(i) Applicants for 60,000 shares were allotted 30,000 shares,
(ii) Applicants for 40,000 shares were allotted 20,000 shares,
Anupam to whom 1,000 shares were allotted from category
(i) failed to pay the allotment money.
Pass journal entries up to allotment.

Answer 1

Full amount has already been adjusted from the excess money received at the time of application. Hence, no amount shall be received on allotment

Calculation of the amount not received $share Alloted to Anupam = 1,000Share applied by Anupam = 1000*60000/30000 = 2000$

Excess money received on application (1000*3)= 3000

Money due on allotement from Anupam (1000*3) = 3000

Therefore, anupum has already paid the complete amount on application