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allotment and Rs 3 on first …

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allotment and Rs 3 on first and final call. Application for 37,000 shares were received on which the allotment was made as under: A. Application of 5,000 shares : 5,000 shares B. Application for 25,000 shares : 15000 shares C. Application for 7,000 shares : Nil Calculate the excess application money to be adjusted towards allotment and pass the necessary journal entries assuming that the amount due were received
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