Quality Stationers Ltd. registered with authorised capital of ₹ 20,00,000 divided into 1,00,000 equity shares of ₹ 20 each
Quality Stationers Ltd. registered with authorised capital of ₹ 20,00,000 divided into 1,00,000 equity shares of ₹ 20 each. 50,000 Equity Shares were issued for subscription at par, issue price being payable along with application. It received application money of ₹ 4,40,000.
You are requited to pass the necessary Journal entries.
Anurag Pathak Changed status to publish September 1, 2023
Solution:-
As Minimum subscription 50000 × 90% = 45000 shares is not received. Thus, application money is refunded.
Anurag Pathak Changed status to publish September 9, 2023
