Sakshi Ltd. Issued a prospectus ,inviting application for 100000 shares of Rs.10 each at a.premium of Rs.5 per share , payable as follows:On application Rs.4.50; on allotment Rs.7.50(including premium); on first call Rs.2 and on final call Re.1.00. Application were received for 125000 shares and allotment was made pro-rated to the pplicantss of 120000 shares, remaining application being refused. Money received in excesson the application was adjusted towards the amount due to allotment. D, to whom 2000 shares were allotted, failed to pay allotment money and on his failure to ayy the first call, is shares were forfeited. M, the holder of 3000 shares, failed to pay the calls, and so is shares were also forfeited. All hesee shares were sold to R, credited as fully paid for Rs.8 per share. Pass necessary journalentries to record the above issue of shares by the company.
Sakshi Ltd. Issued a prospectus ,inviting application for 100000 shares of Rs.10 each at a.premium of Rs.5 per share , payable as follows:
On application Rs.4.50; on allotment Rs.7.50(including premium); on first call Rs.2 and on final call Re.1.00. Application were received for 125000 shares and allotment was made pro-rated to the pplicantss of 120000 shares, remaining application being refused. Money received in excess
on the application was adjusted towards the amount due to allotment.
D, to whom 2000 shares were allotted, failed to pay allotment money and on his failure to ayy the first call, is shares were forfeited.
M, the holder of 3000 shares, failed to pay the calls, and so is shares were also forfeited. All hesee shares were sold to R, credited as fully paid for Rs.8 per share. Pass necessary
entries
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