Micromax Ltd. issued 3,00,000 Equity Shares of ₹ 10 each and the amount was payable as follows: On application ₹ 3 per share, On allotment ₹ 3 per share, First and final call ₹ 4 per share and Applications were received
CS CSEET · Fundamentals of Accounting · PYQS · October 2026
Micromax Ltd. issued 3,00,000 Equity Shares of ₹ 10 each and the amount was payable as follows: On application ₹ 3 per share, On allotment ₹ 3 per share, First and final call ₹ 4 per share and Applications were received for 2,90,000 shares. Babloo, who was allotted 10,000 shares failed to pay the allotment and the call money. His shares were forfeited. Pass Journal entries to record the above transactions in the books of Micromax Ltd.
Topics: Company Accounts
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