Question - 27

Raja & Co., invited application for 10,000 shares @ Rs. 20 each Payable as under : Rs. 4 on application and Rs. 6 on allotment and the balance when required.

Applications were received for 12,000 shares application for 10,000 shares were accepted by the director and for 2000 shares were altogether rejected allotment have been duly received.

Pass the necessary journal entries.

NOTE : Please purchase the book for looking question.