As a director of Nagaland Trucks Company Limited, you have invited applications for 2,00,000 equity shares of ₹10 each, payable as follows:

The applications were received for 2,50,000 equity shares.

Mention the type of subscription. Also list the various alternatives available for allotting these shares.

Suppose all the directors of Nagaland Trucks Company agree to allot the shares in the following way:

Full refund to applicants of 30,000 shares

Full allotment to applicants of 1,60,000 shares

Allotment of 40,000 shares to applicants of 60,000 shares

All the sums were received as and when due. Pass the necessary journal entries.

Transcribed Image Text:

On application On allotment On 1st Call On final call *2 per share; *3 per share; 3 per share; and balance amount.