Nu Look Ltd. issued, 1,00,000 Equity Shares of Rs.10 each payable as follows: On Application (On 1st March, 2011) Rs.4 On Allotment (On 1st April, 2011) Rs.1 On First Call (On 1st August, 2011) Rs.3 On Final Call (On 1st October, 2011) Rs.2 Application were received for 2,60,000 shares. Of these 10,000 shares were in disorder; 40,000 shares in lots of 100 shares; 1,20,000 shares in lots of exceeding 100 but less than 500 shares; 60,000 shares in lots of exceeding 500 but less than 1,000 shares and the balance in lots of exceeding 1,000 shares. Allotment was made as follows: Application for the 10,000 shares in disorder were rejected. Application for 100 shares in full, i.e. 100% 40,000 Application over 100 shares but not exceeding 500 shares -40% 48,000 Application over 500 shares but not exceeding 1,000 shares -15% 9,000 Applications over 1,000 shares -10% 3,000 Money received in excess on shares partially allotted were retained to the extent possible. Show the cash book and journal entries assuming that all the installments were duly received and interest was paid by the directors on calls-in-advance @ 6% per annum on 1st October, 2011.
Nu Look Ltd. issued, 1,00,000 Equity Shares of Rs.10 each payable as follows:
|
On Application (On 1st March, 2011) |
Rs.4 |
|
On Allotment (On 1st April, 2011) |
Rs.1 |
|
On First Call (On 1st August, 2011) |
Rs.3 |
|
On Final Call (On 1st October, 2011) |
Rs.2 |
Application were received for 2,60,000 shares. Of these 10,000 shares were in disorder; 40,000 shares in lots of 100 shares; 1,20,000 shares in lots of exceeding 100 but less than 500 shares; 60,000 shares in lots of exceeding 500 but less than 1,000 shares and the balance in lots of exceeding 1,000 shares.
Allotment was made as follows:
Application for the 10,000 shares in disorder were rejected.
|
Application for 100 shares in full, i.e. 100% |
40,000 |
|
Application over 100 shares but not exceeding 500 shares -40% |
48,000 |
|
Application over 500 shares but not exceeding 1,000 shares -15% |
9,000 |
|
Applications over 1,000 shares -10% |
3,000 |
Money received in excess on shares partially allotted were retained to the extent possible. Show the
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