Question : Good Co. Ltd. invited applications for 1,00,000 shares of Rs. 10 each payable:
Rs. 3 on application, Rs. 3 on allotment and the balance when required.
Applications were received for 1,20,000 shares out of which applications for 1,00,000 shares were accepted and the remaining applications were rejected. Allotment money was received on 99,500 shares.
On the basis of the above information, choose the correct option to the following question
Question:- Amount received on allotment will be:
Option 1: Rs. 99,500
Option 2: Rs. 2,98,500
Option 3: Rs. 3,00,000
Option 4: Rs. 2,99,500
Correct Answer: Rs. 2,98,500
Solution :
Answer = Rs. 2,98,500
JOURNAL OF GOOD CO. LTD.
|
Date |
Particulars |
L.F. |
Dr.( Rs.) |
Cr. Rs. |
|
|
Bank A/c |
...Dr. |
3,60,000 |
|||
|
To Shares Application A/c (Application money received on 1,20,000 shares @ Rs. 3 per share) |
3,60,000 |
||||
|
Shares Application A/c |
...Dr. |
3,60,000 |
|||
To Share Capital A/c (1,00,000 x Rs. 3)
To Bank A/c (20,000 x Rs. 3)
(Application money adjusted and surplus refunded)
3,00,000
60,000
Shares Allotment A/c
...Dr.
3,00,000
To Share Capital A/c
(Allotment money due on 1,00,000 shares @ Rs. 3 per share)
3,00,000
Bank A/c
...Dr.
2,98,500
To Shares Allotment A/c
(Allotment money received on 99,500 shares)
2,98,500
Hence, the correct option is 2.
