Question

X Ltd. invited application for 10,000 Equity Shares of ₹ 10 each issued at per The amount was payable on application. The issue was oversubscribed by 2,000 shares and allotment was made on pro rata basis. Pass necessary Journal entries.

Answer 1

HEYA MATE YOUR ANSWER IS

The issue was oversubscribed by 2,000 shares and allotment was made on pro rata basis. Pass necessary Journal entries.

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Answer 2

Explanation:

Issued Capital (Rs.10 each) =No of shares x face value

= 10,000 x 10

= Rs 1,00,000

Shares Applied = 12,000 shares

Amount received for application= 12000 x 10

= Rs 1, 20, 000

Over-subscribed amount to be returned = 2,000 shares  x 10

= Rs 20,000