Question 5: Chapter 10 - Company Accounts Part I (Accounting For Shares)
Book Keeping Accountancy Solutions for Class 12 Commerce Accountancy
PRACTICAL PROBLEMS
(Over subscription- Some over application refunded and rest used for allotment)
ONGC Ltd. invited applications for 25,000 shares of Rs 100 each payable as under-
On Application Rs. 20
On Allotment Rs. 40
On First Call Rs. 25
On Final Call Rs. 15
Public applied for 40,000 shares, out of which 10,000 shares were rejected and money on 5,000 shares was diverted to share to share allotment. All the allotment and calls money was received.
Pass journal entries in the journal of ONGC Ltd.
On Application Rs. 20
|
On Allotment Rs. 40
|
On First Call Rs. 25
|
On Final Call Rs. 15
|
