(Issue of Shares, Oversubscribed- Rejecting the Excess Applications).
Good Co. Ltd. invited applications for 1,00,000 shares of Rs. 10 each payable:
Rs. 3 on application , Rs. 3 on allotment and the balance when required .
1,20,000 shares were applied for. Applications were accepled for 1,00,000 shares and remaining applications were rejected . Allotment money was received on 99,500 shares.
Pass Journal entries in the books of Good Co. Ltd.