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X Ltd. with a nominal capital of Rs. 50,00,000 in equity shares of Rs. 10 each, issued 2,00,000 shares payable Rs. 2.50 per share on application, Rs. 2.50 per share on allotment and Rs. 5 per share on first and final call three months later. All moneys payable on allotment were duly received but one shareholder failed to pay the amount due on allotment on his 2,500 shares, while another shareholder who held 2,000 shares paid for the shares and final call also. Make the necessary Journal entries in the company's books to record the above transactions upto allotment of shares and show the company's Balance Sheet. |
Answer» <html><body><p></p>Solution :Cash at <a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a> Rs. 10,03,750, Cash received on allotmetn Rs. 5,03,750 (Rs. 5,00,000 - Rs. 6,250 + Rs. 10,000). <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> <a href="https://interviewquestions.tuteehub.com/tag/sheet-641829" style="font-weight:bold;" target="_blank" title="Click to know more about SHEET">SHEET</a> Total Rs. 10,03,750.</body></html> | |