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"Lucky Ltd. invited applications for 50,000 equity shares of Rs. 10 each, payable as Rs. 2 on application, Rs. 3

on allotment and the balance on first and final call. Applications were received for 1,50,000 shares and the share were allotted on a pro-rata basis, The excess application money was to be adjusted against allotment only. Maya, a holder who had applied for 1,500 shares, failed to pay the call money and her share were forfeited and were reissued @ 8 per share as fully paid."   

Q. 1 What amount of bank received by the Lucy Ltd.    

Q. 2 What amount of Share capital will be shown in the balance sheet of Lucky Ltd.

Q. 3 What amount will be transfer to capital reserve account.

Top Answer

In the books of Lucky Ltd. Journal entry ParticularsAmountAmount Bank... View the full answer

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