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X Ltd. invited applications for 20,000 shares of Rs 10 each payable as follows: Rs 3 on Application; Rs 2 on Allotment, Rs 2.50 on First Call and Rs 2.50 on Second Call. Public Applied for 30,000 shares and the allotments were made as under: To Applications for 8,000 shares .................... full. To Applications for 16,000 shares .................... 12,000 shares To Applications for 6,000 shares .................... Nil. All moneys were duly received. (a) Pass Journal Entries. (b) Which value has been affected by making full allotment to the applicants for 8,000 shares and rejecting the applicants for 6,000 shares? Suggest a better alternative. |
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Answer» X Ltd. invited applications for 20,000 shares of Rs 10 each payable as follows: Rs 3 on Application; Rs 2 on Allotment, Rs 2.50 on First Call and Rs 2.50 on Second Call. Public Applied for 30,000 shares and the allotments were made as under: To Applications for 8,000 shares .................... full. To Applications for 16,000 shares .................... 12,000 shares To Applications for 6,000 shares .................... Nil. All moneys were duly received. (a) Pass Journal Entries. (b) Which value has been affected by making full allotment to the applicants for 8,000 shares and rejecting the applicants for 6,000 shares? Suggest a better alternative. |
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