Sanjay Ltd invited applications from the public for the
issue of 10,000 equity shares of Rs. 10 each
at a premium of 20%, payable Rs. 3 on application; Rs. 5 on
allotment including premium and the
balance in two calls of an equal amount. Applications for
15,000 equity shares were received. The
directors allotted 10,000 shares to all the applicants on
pro-rata basis adjusting the excess application
money towards allotment. All money due on allotment and
calls were received.
Give journal entries to record the above transactions in the
books of the company. Also show the
balance sheet.
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Answer Posted / varun sharma
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