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Purchases 300000 Gross profit 25% on cost of sales Closing stock 25000. 10. Ashok Ltd...

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Accounting

Purchases 300000 Gross profit 25% on cost of sales Closing stock 25000. 10. Ashok Ltd has an authorized capital of rs.25,00,000.divided into shares of Rs 100 each. The company issued 20000 shares at par which is payable as follows On application-30 first call-25 Allotment- 25 final call-20 Applications were received for 32000 shares, of these applications for 2500 shares were totally rejected and money returned. Application money on 10000 shares were retained for allotment and pro rata allotment was made. All money were duly received. Pass journal entries 11. A ltd forfeited 100 share Rs 10 each issued at premium of Rs 1 per share to Mr.Ravi who ha applied for 150 shares, for non payment of allotment money of Rs 4 per share (including premium) and the first and final call of Rs 5 per share. Out of these 60 shares were re issued to Mr.Anil credited as fully paid for Rs.8 per share. Give journal entries assuming that the compar follows the policy of adjusting excess application money tow

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