Question

VXN Ltd. invited applications for issuing 50,000 equity shares of * 10 each at a premium of 8 per share.
The amount was payable as follows:
On Application
4 per share (Including * 2 premium);
On Allotment
6 per share (Including 3 premium);
On First Call
5 per share (Including 1 premium); and
On Second and Final Call Balance Amount.​

Answer 1

Explanation:

Particulars Particulars Debit Amo... Credit Amo...

Bank A/c (5... Dr 2,00,000

To Equity S... 2,00,000

Equity Shar... Dr 2,00,000