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Solution - To Provide Employment to the Youth and to Develop the Naxal Affected Backward Areas of Chhattisgarh. X Ltd. Decided to Set-up a Power Plant. - Pro-rata Allotment

Question

To provide employment to the youth and to develop the Naxal affected backward areas of Chhattisgarh. X Ltd. decided to set-up a power plant. For raising funds the company decided to issue 7, 50,000 equity shares of Rs.10 each at a premium of 50%. The whole amount was payable on application. Applications for 20,00,000 shares were received. Applications for 50,000 shares were rejected and shares were allotted to the remaining applicants on pro-rata basis.

Pass necessary journal entries for the above transactions in the books of the company and identify any two values which X Ltd. wants to propagate.

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Solution for question: To Provide Employment to the Youth and to Develop the Naxal Affected Backward Areas of Chhattisgarh. X Ltd. Decided to Set-up a Power Plant. concept: Pro-rata Allotment. For the courses CBSE (Arts), CBSE (Commerce), CBSE (Science)
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