Gajendra Ltd. offered for subscription Rs 30,000 equity shares of Rs 10 each to public. Per share amount was payable as follows:
On application Rs 3, on allotment Rs 4 and balance as and when required. Applications were received for Rs 50,000 shares. No share was allotted to the applicants of Rs 10,000 shares, their application money was refunded. Share were allotted to remaining applicants on pro-rata basis, allotment money was received in due time. Give journal entries for above transactions and prepare the Balance Sheet.
