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model two classes of shares shree ltd offered to the public 20 000 equity shares and 615751

Model: Two classes of shares Shree Ltd. offered to the public 20,000 equity shares and 25,000 preference shares of Rs20 each payable as follows:

Particulars

Equity Shares

Preference Shares

On Application

6

8

On Allotment

8

6

On First & Final Call

6

6

The public applied for 22,000 equity shares and 10,000 preference shares. Applications for preference shares were accepted in full. For equity shares, 1,000 applications were rejected outright. 16,000 shares were accepted in full and the remaining shares were allotted on pro-rata basis. All money duly received except the amount due on call on 2,500 equity shares and 1,000 preference shares. Pass necessary entries in the cash book and journal.

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