Question

um Allotment
Q. 21. Ashoka Ltd. invited applications for issuing 5.00.000 equity shares of #10 each at a
premium of 34 per share. The amount was payable as follows:
On Application
34 per share
On Allotment
36 per share
On first and final call
84 per share
Applications for 8,00,000 shares were received. Shares were allotted to all the applicants
on pro-rata basis. Excess money received on applications was adjusted towards sums due
on allotment. All calls were made. Parkash who had applied for 4,000 shares failed to pay
the amount due on allotment and his shares were forfeited after allotment. Vikas who was
allotted 1.500 shares failed to pay the first and final call. His shares were also forfeited.
-3.000 of the forfeited shares were re-issued at 19 per share as fully paid up which included
all the shares of Vikas.
Pass necessary journal entries for the above transactions in the books of Ashoka Ltd. 8
OR​

Answer 1

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