Citizen Watches Ltd. invited applications for 50,000 shares of ₹ 10 each payable ₹ 3 on application , ₹ 4 on allotment and balance on first and final call . Applications were received for 60,000 shares . Applications were accepted for 50,000 shares and remaining applications were rejected . All calls were made and received except First and Final call on 500 shares .Pass the journal entries in the books of Citizen Watches Ltd .

Citizen Watches Ltd. invited applications for 50,000 shares of ₹ 10

1.	Citizen Watches Ltd. invited applications for 50,000 shares of ₹ 10 each payable ₹ 3 on application , ₹ 4 on allotment and balance on first and final call . Applications were received for 60,000 shares . Applications were accepted for 50,000 shares and remaining applications were rejected . All calls were made and received except First and Final call on 500 shares .Pass the journal entries in the books of Citizen Watches Ltd .
Answer» Citizen Watches Ltd. invited applications for 50,000 shares of ₹ 10 each payable ₹ 3 on application , ₹ 4 on allotment and balance on first and final call . Applications were received for 60,000 shares . Applications were accepted for 50,000 shares and remaining applications were rejected . All calls were made and received except First and Final call on 500 shares . Pass the journal entries in the books of Citizen Watches Ltd .

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