Jyoti Power Ltd. decided to issue 8,50,000 equity shares of Rs. 10 each at a prem
Channel: Doubtnut
Date: 2020-04-26

Jyoti Power Ltd. decided to issue 8,50,000 equity shares of Rs. 10 each at a premium of Rs. 3 per share. The whole amount was payable on application. Applications for 20,00,000 shares were received. Applications for 3,00,000 shares were rejected and shares were allotted to the remaining applicants on pro-rata basis. Pass necessary Journal entries for the above transactions is the books of the company.