(i) To refuse allotment to applicants for 1,200 debentures. |
(ii) To give full allotment to applicants for 400 debentures. |
(iii) To allot the remaining debentures on pro-rata basis among other applicants. |
(iv) To utilise excess application money in part payment of allotment money. |
Answer:
JOURNAL
The value being violated by the company is equality. Date Particulars LF Amt (Dr) Amt (Cr) Bank A/c \[\left( 6,000\times 120 \right)\] Dr 7,20,000 To Debenture Application and Allotment A/c 7,20,000 (Being the application money received) Debenture Application and Allotment A/c Dr 7,20,000 To Debentures A/c \[\left( 4,000\times 100 \right)\] 4,00,000 To Securities Premium Reserve A/c \[\left( 4,000\times 20 \right)\] 80,000 To Bank A/c \[\left( 2,000\times 120 \right)\] 2,40,000 (Being the application money adjusted and surplus refunded)
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