X Ltd. Company issued rs.1000000shares for …
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X Ltd. Company issued rs.1000000shares for subscription of rs.100 each at a premium of rs.20 per share payable as rs.10 on application ,rs.40 per share and rs.10 premium on allotment ,& rs.50 per share & rs.10 premium on final payment. Over payment on app.were to be applied towards amounts due on allotment &over payments on app.exceeds amounts due on allotment was to be returned. Issue was overscribed to the extend of 13000 shares. Applicants for 12000 shares were alloted only 10000 shares & applicant for 2000 shares were sent letter of regret. Allthe money due on allotment and final call was duly received. Pass entry in company book and company balance sheet.
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