Crysta Hospitality Ltd. invited applications for 1,00,000 equity shares of Rs. 50 each payable as under:
`{:("On Application",,"Rs.10 per share,",),("On Allotment",,"Rs. 15 per share,",),("On First Call (due two months after allotment)",,"Rs. 15 per share,",),("On Second and Final Call (due two months after First Call)",,"Rs. 10 per share.",):}`
Applications were received for 4,00,000 shares on 1st January, 2019 and allotment was made on 1st February , 2019.
Pass Journal entries for issue of shares under each of the following cases:
(a) Allotted 1,00,000 shares in full to selected applicants and the applications for the remaining 3,00,000 shares were rejected.
(b) Pro rata allotment of 25 25 per cent of the shares applied to every applicant, to apply the balance of application money towards amount due on allotment, and to refund the balance amount.
(c) Reject applications for 2,00,000 shares, accept full applications for 80,000 shares and make a pro rata allotment of 20,000 shares to remaining application money to be adjusted towards allotment and calls .