Question - 07 

Sita limited issued 50,000 equity shares of Rs. 10 in the following conditions :

Rs. 1 on application, Rs. 4 on allotment, and remaining for selling of 70,000 shares on first call, applications are received Applications received for 20,000 shares were not allotted, their application amount were returned Remaning shares were allotted to related campany all amount were duly received on given date. Give journal entries if direct accounted on Cash book.

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