1.

Over-subscription of Shares15. CMC Ltd. invited application for issuing 1,00,000 equity shares of 10 each at a premiumof 3 per share. The whole amount was payable on application. The issue was over-sthscribed by 30,000 shares and allotment was made on pro-rata basis. Pass Journal entries​

Answer»

Answer:

1)Bank dr. 1690000

To EQUITY SHARE APPLICATION. 1690000

2)Equity share application. Dr. 1690000

To equity share capital. 1000000

To securities PREMIUM. 300000

To bank. 390000



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