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Pass the necessary journal entries

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Question - Sunshine Company limited was newly formed with an authorized capital of Rs 500000 divided into 50000 equity shares of Rs 10 each. The company issued 25000 equity shares at a premium of Rs 1 per share. Applications for 30000 shares were received. No allotment was made to applicants for 5000 shares and their application money was refunded. All the allots paid money due.

Pass the necessary journal entries. Show how the items will appear in the company's balance sheet.

Reference no: EM132964490

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