Saregama ltd invited applications for issuing 80000 equity shares
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alss0078. Saregama Ltd. invited applications for issuing 80,000 equity shares of 100 each at a premium of 10. Theamount was payable as follows:On Application30*30 (including a premium of 10)Iso:vasOn Allotmentp.On First Call* 30ODOn Final CallBalanceSSUApplications of 1,20,000 shares were received. Allotment was made on pro rata basis to all applicants.Excess money received on application was adjusted on sums due on allotment. Dhwani, who was allotted1,600 shares, failed to pay allotment money and Sargam who applied for 6,000 shares did not pay first callmoney. These shares were forfeited immediately after first call. 2,000 of these shares (including all sharesof Dhwani were issued to Tarang for 95 per share as 80 paid-up. Pass necessary Journal entries in booksof Saregama Ltd. by opening Calls-in-Arrear and Calls-in-Advance Accounts, if final call has not been made.(CBSE Sample Paper 2019)