Brad company Issued 10,000 shares of Rs. 100 each at 10% premium. The payments were to be made as follows. Rs. On application 20 On allotment 40 (including premium) On call 50 Applications for 20,700 shares were received. one application for 700 shares was rejected. Rest were allotted on pro-rata basis. All money was received except the call money on 100 shares. These shares were forfeited and re-issued as fully paid at Rs. 95 per share. Pass journal entries.

Brad company Issued 10,000 shares of Rs. 100 each at 10% premium. The payments were to be made as follows. Rs. On application 20 On allotment 40 (including premium) On call 50 Applications for 20,700 shares were received. one application for 700 shares was rejected. Rest were allotted on pro-rata basis. All money was received except the call money on 100 shares. These shares were forfeited and re-issued as fully paid at Rs. 95 per share. Pass journal entries.

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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