(Issue of Two Classes of Shares).
DSC Power Ltd. Offered to public on 1st April, 2019, 1,00,000 Equity Shares and 50,000 Preference Shares of Rs. 10 each payable as under:
`{:(,"Equity Shares (Rs.)","Preference Shares (Rs.)"),("On application"," 3"," 3"),("On allotment (1 st May)"," 3"," 4"),("On first and final call (1 st September)", " 4"," 3"):}`
Subscription was received for 1,20,000 Equity Shares and 45,000 Preference Shares. Applications for Preference Shares were accepted in full. Out of applications for Equity Shares, applications for 10,000 shares were rejected, applications for 85,000 shares accepted in full and 15,000 shares were allotted to the remaining applicants.
All amounts were received except the amount due on call on 1,000 Equity Shares and 500 Preference Shares. Pass entries in the Cash Book and Journal.