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Gaja Ltd issued 40,000 shares of Rs. 10 each to the public payable Rs. 2 on application, Rs. 5 on allotment and Rs. 3 on first and final call. Applications were received for 50,000 shares. The Directors decided to allot 40,000 shares on pro rata basis and surplus of application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

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Journal Entries

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