CD Ltd. offered to the public 20,000 equity shares of 100 each at a premium of 10
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CD Ltd. offered to the public 20,000 equity shares of ₹100 each at a premium of ₹10 per share. The payment was to be made as follows:
On application ₹20; on allotment ₹40 (including premium); on 1st call ₹25; on 2nd call ₹25.
Applications totalled for 35,000 shares; applications for 10,000 shares were rejected; those totalling 15,000 shares were allotted 10,000 shares and the remaining applications were accepted in full. The directors made both the calls One shareholder, holding 500 shares (full allottee) failed to pay the calls. Expenses of the issue amounted to ₹10,000.
Pass journal entries and relevant extracts from the balance sheet relating to the above transactions.
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1 When applications are received Share Application Account Dr 700000 35000 shares 20 per share To Sh...View the full answer
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