Karan Ltd invited applications for issuing 80,000 equity shares скачать в хорошем качестве

Karan Ltd invited applications for issuing 80,000 equity shares

Karan Ltd. invited applications for issuing 80,000 equity shares of ₹ 80 each at par. The amount was payable as follows : On Application and Allotment – ₹ 30 per share On First and Final Call – Balance Applications for 1,40,000 shares were received. Applications for 20,000 shares were rejected and the money was refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on first and final call. Ravi, who had applied for 1,200 shares, paid his entire share money along with his application. Chaman, to whom 2,400 shares were allotted, failed to pay the first and final call. Chaman’s shares were forfeited. Pass necessary journal entries for the above transactions in the books of Karan Ltd. Open ‘Calls-in-Arrears Account’ and ‘Calls-in-Advance Account’, wherever necessary.