Rampal Ltd. issued 70,000 Equity Shares of 10 each payable 3 on Application, 4 on Allotment...

 

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Rampal Ltd. issued 70,000 Equity Shares of 10 each payable 3 on Application, 4 on Allotment and balance on first and final call. Public applied for 1,40,000 Equity Shares and allotment was made as follows: (a) Applicants for 87,500 shares were alloted 52,500 shares. (b) Applicants for 52,500 shares were alloted 17,500 shares. Sandeep to whom 1,050 shares were alloted belonging to category (a) failed to pay the allotment money. Pass journal entries upto allotment only. Rampal Ltd. issued 70,000 Equity Shares of 10 each payable 3 on Application, 4 on Allotment and balance on first and final call. Public applied for 1,40,000 Equity Shares and allotment was made as follows: (a) Applicants for 87,500 shares were alloted 52,500 shares. (b) Applicants for 52,500 shares were alloted 17,500 shares. Sandeep to whom 1,050 shares were alloted belonging to category (a) failed to pay the allotment money. Pass journal entries upto allotment only.