Q. (Comprehensive Illustration). A company invited applications for 50,000 Equity
Shares of 10 each payable as follows:
On application Rs. 3 On allotment Rs. 3;
On first and final call 4.
Applications were received for l, 10,000 shares. It was decided
(i) to allotment to the applicants for 10,000 shares,
(ii) to allot to Mr. X who has applied for 20,000 shares,
(iii) to allot in full to Mr. Y who has applied for 10,000 shares,
(iv) to allot balance of the available shares on pro rata basis among the other applicants and
(v) to utilise excess application money in part payment of allotment and final call.
Pass Journal entries till the stage of allotment assuming that the total amount due on allotment is received.
Is there any other way of doing this... In the form of statement or something....?
Dear Student
This is not the only particular way of presentation, you can make working in any form of statement you want but this way of presentation is recommended because it would consume less time as here all the information is divided and we just need to put data in correct place.
Regards
This is not the only particular way of presentation, you can make working in any form of statement you want but this way of presentation is recommended because it would consume less time as here all the information is divided and we just need to put data in correct place.
Regards