A company made an isue of 10,000 Equity shares of $ 10 each, payable $3 application; $ 4 on allotment and the balance on call. 43,825 shares were applied for including an application for 300 shares from a person who paid for the full face value of the shares. Owing to oversubscription, allotments were scaled down as follows: Applicants for 11,825 shares (in respect of application for 500 or less) received 5,750 shares (including the applicant for 300 shares who got in 150 shares). Applicants for 32,000 shares (in respect of applications for over 500 shares), received 4,250 shares. The amounts received were first applied towards allotment and call money ( after satisfying amount due on application) and any balance left was returned. The above transactions. You are required to show the Cash Book and Ledger Accounts to record

A company made an isue of 10,000 Equity shares of $ 10 each, payable $3 application; $ 4 on allotment and the balance on call. 43,825 shares were applied for including an application for 300 shares from a person who paid for the full face value of the shares. Owing to oversubscription, allotments were scaled down as follows: Applicants for 11,825 shares (in respect of application for 500 or less) received 5,750 shares (including the applicant for 300 shares who got in 150 shares). Applicants for 32,000 shares (in respect of applications for over 500 shares), received 4,250 shares. The amounts received were first applied towards allotment and call money ( after satisfying amount due on application) and any balance left was returned. The above transactions. You are required to show the Cash Book and Ledger Accounts to record

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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