A company issued 4,000 equity shares of Rs. 10 each at par payable as under:
On application Rs. 3; on allotment Rs. 2; On first call Rs. 4 and on final call Rs. 1 per share.
Applications were received for 10,000 shares. The allotment was made pro-rata. How much amount will be received in cash on the allotment?
Aditya and Balan are partners sharing profits and losses in 3:2 ratio. They admitted Christopher for 1/4 share in the profits. The new profit sharing ratio agreed was 2:1:1. Christopher brought Rs. 50,000 for his capital. His share of goodwill was agreed to at Rs. 15,000. Christopher could bring only Rs. 10,000 out of his share of goodwill. Record necessary journal entries in the books of the firm?