X Ltd. issued 10,000 shares of 100 each at a premium of 15 each. Of the issue,

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X Ltd. issued 10,000 shares of ₹100 each at a premium of ₹15 each. Of the issue, 90% was underwritten by M/s. Broker & Co. at commission of 1% on the nominal face value.

Applications were received for 8,000 shares and allotment was fully made. All the moneys due from allottees were received in one instalment. The accounts with Broker &Co. were settled. Show the journal entries to record the transactions.

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Related Book For  answer-question

Corporate Accounting

ISBN: 9789353160739

1st Edition

Authors: Anita Raman, P. Radhika

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