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Business, 18.03.2021 02:50 ghostshadow1

M/s. V. B. Pharmaceuticals Ltd. offered for subscription its 10000 equity shares of ₹ 100 each at a premium of 20 per share. The amount was payable as follows :

On Application- 30 per share

On Allotment-P 60 per share (including premium)

On First and Final call- 30 per share

Applications were received for 15000 shares. Allotment was made on pro rata

basis to the applicants of 12000 shares. The remaining applications were rejected and money returned. Excess application money was adjusted on the

account of Sum Due on Allotment.

All money on allotment and call was duly received except on 1200 shares held by Vivek, who did not pay the call money. His shares were forfeited.

Make Journal Entries to record the above transactions in the books of the

company.​

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