Question

The Bangalore bottling Co.Ltel issued a Prospectus
Inviting application for
1,00,000 guity Shares of
Ilo eachi Payable ž 20 on arkistion. E 3 on
allotment, and the balance at the descreation of
the discectors Applications fou 1,20,000 Shares.
were received, The directors allotted the shares
as follows
Application fom 80, 000 shares-feell allotment
Application for So, 0 Do Sharos - 29000
Application for 10,000 hores
Nil
Give journal entries assu
esuming that all the sum
due on allotment has been received and no
Call has been made
20,000 Shares​

Answer 1

Answer:

i don't have any idea .........

Answer 2

Answer:

KL Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 10 each at par. The amount was payable as follows:

On Application-Rs. 3 per share,

On Allotment-Rs. 4 per share, and

On First and Final Call-Rs. 3 per share.

The issue was oversubscribed by three times. Applications for 20% shares were rejected and the money refunded. Allotment was made to the remaining applicants as follows:

Category No. of Shares Applied No. of Shares Allotted I 1,60,000 80,000 II 80,000 20,000

Excess money received with applications was adjusted towards sums due on allotment and first and final call. All calls were made and were duly received except the final call by a shareholder belonging to Category I who has applied for 320 shares. His shares were forfeited. The forfeited shares were reissued at Rs. 15 per share fully paid-up.

Pass necessary Journal entries for the above transactions in the book of XL Ltd. Open Calls-in-Arrears and Calls-in-Advance Account whenever required.