makylahoyle
18.03.2021 •
Business
M/s. V. B. Pharmaceuticals Ltd. offered for subscription its 10000 equity shares of ₹ 100 each at a premium of 20 per share. The amount was payable
as follows :
On Application- 30 per share
On Allotment-P 60 per share (including premium)
On First and Final call- 30 per share
Applications were received for 15000 shares. Allotment was made on pro rata
basis to the applicants of 12000 shares. The remaining applications were rejected and money returned. Excess application money was adjusted on the
account of Sum Due on Allotment.
All money on allotment and call was duly received except on 1200 shares held by Vivek, who did not pay the call money. His shares were forfeited.
Make Journal Entries to record the above transactions in the books of the
company.
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