Illustration 13 (Issue of shares at a premium, amount of premium collected along with application amount)...

Transcribed Image Text:

Illustration 13 (Issue of shares at a premium, amount of premium collected along with application amount) ABC Ltd., issued 10,000 shares of 10 each at a premium of 2 per share payable as follows: on Application 3 (including premium of 2) on Allotment 2. Balance as and when required. All the shares were applied for and duly allotted Pass necessary journal entries assuming that allotment money was received in full. Illustration 13 (Issue of shares at a premium, amount of premium collected along with application amount) ABC Ltd., issued 10,000 shares of 10 each at a premium of 2 per share payable as follows: on Application 3 (including premium of 2) on Allotment 2. Balance as and when required. All the shares were applied for and duly allotted Pass necessary journal entries assuming that allotment money was received in full.