Pass necessary journal entries.

Dear Student

shareholders to whom 40% shares allotted had already paid their allotment money in application :
200000 share on application at Rs 2            =400000
(-) money utilised on application = 80000 x2 =160000
Money t/f to allotment                                     = 240000
Now at alloyment amount need to collect from these shareholder = 80000 x3 = 240000 i.e. already received by them.


Regards