Shakti Ltd. Invited applications for issuing …

Shakti Ltd. Invited applications for issuing 1,00,000 Equity shares of Rs. 10 each. The amount was payable as follows; 1. On Application Rs. 3 per share 2. On Allotment Rs. 2 per share 3. On First and Final Call Rs. 5 per share. Applications were received for 2,20,000 shares. Application for 20,000 shares were rejected and their application money was refunded. Shares were allotted to the remaining applicants as follows: 1) Allotted 50% shares to Raman who had applied for 40,000 shares. I 2) Allotted in full to Akbar who had applied for 20,000 shares. 3) Allotted balance of the shares on pro rate basis to the other application. Excess application money was utilised in payment of allotment and final call. All calls were made and were duly received. Pass the necessary Journal entries in the books of Shakti Ltd.

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Shakti Ltd. Invited applications for issuing 1,00,000 Equity shares of Rs. 10 each. The amount was payable as follows; 1. On Application Rs. 3 per share 2. On Allotment Rs. 2 per share 3. On First and Final Call Rs. 5 per share. Applications were received for 2,20,000 shares. Application for 20,000 shares were rejected and their application money was refunded. Shares were allotted to the remaining applicants as follows: 1) Allotted 50% shares to Raman who had applied for 40,000 shares. I 2) Allotted in full to Akbar who had applied for 20,000 shares. 3) Allotted balance of the shares on pro rate basis to the other application. Excess application money was utilised in payment of allotment and final call. All calls were made and were duly received. Pass the necessary Journal entries in the books of Shakti Ltd.