Accountancy, asked by Rakshitha3839, 11 months ago

SRCC Ltd. was registered with a capital of ₹ 25,00,000 in shares of ₹ 10 each. It issued a prospectus inviting applications for 25,000 shares at 40% premium payable as follows:
On application ₹ 5 (including ₹ 1 premium), on Allotment ₹ 4 (including ₹ 1 premium), on first call ₹ 3 (including ₹ 1 premium), on second and final call ₹ 2 (including ₹ 1 premium).
Applications were received for 25,000 shares. All money was duly received. Pass the necessary Journal entries.

Answers

Answered by kingofself

2

Calculation of share capital:

Share capital= No of shares x face value

= 25000 x 10

= Rs 2,50,000

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