1. A company issued 10,000 shares of Rs.10 each. Total applications were for 12,000 shares; allotment was made pro rata. Application money was Rs.2 per share and allotment money Rs.3 per share. Rao failed to pay the allotment money on his 300 shares. How much is due from Rao for allotment?
2. A company issues 10,000 shares of Rs.10 each @ a premium of Rs.2 per share, payable as: on application Rs.4 (including premium), on allotment Rs.3 and the balance on calls. 8,000 shares were applied for. Which of the following entries is correct for application money:
|
(a) Bank |
Dr |
32,000 |
|
|
To Share Application A/c |
16,000 |
||
|
To Securities Premium A/c |
16,000 |
||
|
(b) Bank |
Dr |
32,000 |
|
|
To Share Application A/c |
32,000 |