Mehboob & Co. was formed with an authorized capital of Rs. 30,00,000 divided into 3,00,000 shares of Rs. 10 each. Company offered1,00,000 shares at par value to the general public for subscription. Applications for 150,000 shares were received. No allotment was made to excess applicants and their application Money was refunded.

Required : Pass the Journal entries and prepare Balance Sheet 

Indus Textile Ltd. was formed with an authorized capital of Rs. 60,00,000 divided into 6,00,000 shares of Rs. 10 each. Company offered 20,000 shares at 10% discount to the general public for subscription. Applications for 20,000 shares were received. Company allotted shares to all the applicants.

Required : Pass the Journal entries and prepare Balance Sheet

Answer rating: 100% (QA)

2 1 On 1st July 2018 Dr Cash Ac 15000000 Cr Share Capital Ac15000000 2 On 1st July 2018 Dr Share Ca... View the full answer