Question

X Ltd issued 200000 equity shares of ₹ 10 each payable as follows On application ₹ 5 On allotment ₹ 7(premium ₹ 5 per share) On 1st call ₹ 2 On final call ₹ 1 Application were received for 240000 shares which were allotted as follows a) to applicants of 10000 shares fall b) to applicants of 80000 shares 60000 shares c) to applicants of 60000 shares 40000 shares Applicants for 10000 shares belonging to category (a) and applicants for 1200 shares belonging to category (b) failed to pay the allotment money again applicant for 1200 shares belonging to category (c) failed to pay the money due on calls all shares were forfeited 13000 shares were reissued at ₹8 per share as fully paid ​pass journal entries

Answer 1

Explanation:

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