In case of default in the payment of allotment money, the bank account is debited with which amount?

Total Allotment money

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Default amount

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Actual receipt

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None of these

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Solution

The correct option is C
Actual receipt

In case of default in the payment of allotment money, the bank account is debited with the amount actually received.

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In case of default in the payment of allotment money by the shareholder, the share allotment account is credited with which amount?

When defaulter shareholders pay their default amount of allotment money, then the journal entry is-

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