(Shares Issued at Par, Oversubscribed-full allotment to some applicants, partial allotment to others and no allotment to the rest).
Preeti & Co. Ltd. was registered with an authorised capital of Rs. 10,00,000 divided into 1,00,000 shares of Rs. 10 each. The company offered 60,000 shares to public on which amounts were payable Rs. 3 per share on application, Rs. 3 per share on allotment and the balance when required. Applications for 92,000 shares were received on which the Directors allotted as follows:
`{:("Applicants for 40,000 shares",-,"Full,"),("Applicants for 50,000 shares",-,"40%,"),("Applicants for 2,000 shares",-,"Nil".):}`
Rs. 84,000 were received as allotment money (excluding the amount carried from application money).
Show the Journal entries recording the above.

Explanation

`{:("Working Notes:",,"Rs."),("1. Application money received on 50,000 shares @ Rs. 3 per share",,"1,50,000"),(" Less: Application money due on shares allotted",,),(" [20,000 shares (40% of 50,000)"xx"Rs.3]",,"60,000"),(" Excess application money on 50,000 shares Applied but Allotted 20,000 shares ""(30,000"xx"Rs. 3)",,bar(90,000)),(" Less: Amount receivable on allotment on allotted 20,000 shares",,"60,000"),(" Excess application money to be refunded (on 20,000) shares",,ulbar(ul(30,000))):}`
`{:("2." ,"Calculation of Shares on which Allotment money not received:","Rs."),(,"Less: allotment money due","1,80,000"),(,"Less: Allotment money received on application stage (WN 1)"," 60,000"),(,,bar(1,20,000)),(,"Allotment money not received"," 84,000"),(,"Allotment money not received",ulbar(ul(" "36,000))),(,"Allotment money not received on shares""(Rs. 36,000"div"Rs. 3)=12,000 shares.",):}`