Question

Zee Ltd. Invited applications for 1,00,000 shares of Rs.10 each payable as follows: On application Rs.2 On allotment Rs.3 On first call Rs.2 On final call Rs.3 1,30,000 share applications were received. 10,000 shares were rejected and pro rata allotment was made to the rest. All the amounts were duly received except the first and final call on 3,000 shares. Sita Ram,the holder of 2,000 shares paid the amount of first and final calls along with allotment. Pass journal entries in the books of the company.

Answer 1

JOURNAL ENTRIES IN THE BOOKS OF ZEE LTD.

Explanation:

REFER TO THE ATTACHMENTS FOR JOURNAL ENTRIES.