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nu look ltd issued 1 00 000 equity shares of rs 10 each payable as follows 674523

Nu Look Ltd. issued, 1,00,000 Equity Shares of Rs.10 each payable as follows:

On Application (On 1st March, 2011)

Rs.4

On Allotment (On 1st April, 2011)

Rs.1

On First Call (On 1st August, 2011)

Rs.3

On Final Call (On 1st October, 2011)

Rs.2

Application were received for 2,60,000 shares. Of these 10,000 shares were in disorder; 40,000 shares in lots of 100 shares; 1,20,000 shares in lots of exceeding 100 but less than 500 shares; 60,000 shares in lots of exceeding 500 but less than 1,000 shares and the balance in lots of exceeding 1,000 shares.

Allotment was made as follows:

Application for the 10,000 shares in disorder were rejected.

Application for 100 shares in full, i.e. 100%

40,000

Application over 100 shares but not exceeding 500 shares 40%

48,000

Application over 500 shares but not exceeding 1,000 shares 15%

9,000

Applications over 1,000 shares 10%

3,000

Money received in excess on shares partially allotted were retained to the extent possible. Show the cash book and journal entries assuming that all the installments were duly received and interest was paid by  he directors on calls in advance @ 6% per annum on 1st October, 2011.

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