Can anyone tell how that 80000in the second journal entry derived ,iam literally crying over this question
:-JHP Limited is a company with an authorised share capital of 10,00,000 in equity shares of 10 ech, of which 6,00,000 shares had been issued and fully paid on 30th June, 2021. The company proposed to make a further issue of 1,00,000 of these 10 shares at a price of 14 each, the arrangements for payment being:
口) *2 per share payable on application, to be received by 1st July, 2021;
Allotment to be made on 10th July, 2021 and a further 5 per share (including the premium) to be payable;
(c) The final call for the balance to be made, and the money received by 30th April, 2022.
Applications were received for 3,55,000 shares and were dealt with as follows
Applicants for 5000 shares received allotment in full
Applicants for 30,000 shares received an allotment of one share for every two applied for, no money was returned to these applicants, the surplus on application being used to reduce the amount due on allotment
Applicants for 3,20,000 shares received an allotment of one share for every four applied for the money due on allotment was retained by the company, the excess being returned to the applicants, and
(iv) the money due on final call was received on the due date
Limited You are required to record these transactions (including cash items) in the Journal of JHP( illustration 7 (11.46))
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