A company offered 200000 equity share on Rs.10 Each to the public on the following terms :- Rs.3 on application, Rs.4 on allotment the balance as and where required. Applications were received for 280,000 shares . Allotment was made as under :- Applications for 160,000 shares were given full amount application for 100000 were they given 40,000 shares
Applications for 20,000 shares were allotted no shares .
Surplus Applications money is to be applied to word amount due on allotment and balance beyond is to be returned. A shareholder who applied for 1000 shares and was given 1000 shares failed to pay the allotment money his shares away for featured pass the journal entries