Pass necessary journal entries for the forfeiture and reissue of shares in the following cases CC Ltd. forfeited 10,000 shares of ₹10 each, ₹8 called up, for non-payment of allotment money of ₹3 per share and first call of ₹3 per share. Out of these, 2000 shares were reissued for ₹7 per share, ₹8 paid … Read more
CCL Ltd. invited applications for issuing 75,000 equity shares of ₹10 each at a premium of ₹3 per share. The amount was payable as follows: On Application – ₹2 per share On Allotment – ₹6 per share (including premium) On First Call – ₹3 per share On Second and Final Call – Balance Applications for … Read more
MM Ltd. is registered with an authorised share capital of ₹10,00,00,000 was divided into 1,00,00,000 equity shares of ₹10 each. The company invited applications for issuing 10,00,000 equity shares. The amount per share was payable as follows: On Application – ₹3 per share On Allotment – ₹4 per share On First and Final Call – … Read more
Pushkar Limited invited applications for 30,000 shares of ₹100 each at 20% premium. The amount per share was payable as under: On application ₹40 (including ₹10 premium) On allotment ₹30 (including ₹10 premium) On first call ₹30 On second and final call Balance Applications were received for 40,000 shares and pro-rata allotment was made to … Read more
Pass necessary journal entries for the forfeiture and reissue of shares in the following cases: (i) BCG Limited forfeited 75 shares of ₹10 each issued at a premium of ₹4 per share for non-payment of allotment money of ₹8 per share (including premium). The first and final call of ₹4 per share was not made. … Read more
Sandesh Ltd. has an authorised capital of ₹30,00,000 divided into equity shares of ₹10 each. The company invited applications for issuing 70,000 shares. Applications for 69,000 shares were received. All calls were made and duly received except the first and final call of ₹2 per share on 3,000 shares. These shares were forfeited. Present the … Read more
Annex Ltd. issued 1,00,000 shares of ₹10 each at a premium of 10% to the public for subscription. The whole amount was payable on application. Applications were received for 3,00,000 shares and the board decided to allot shares to all shareholders on pro-rata basis. Pass necessary journal entries for the above transactions in the books … Read more
Mukund Ltd, invited applications for issuing 50,000 equity shares of ₹10 each at 10% premium. The amount per share was payable as follows: ₹3 on application, ₹3 (including premium) on allotment and balance amount on first and final call. Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis to all the … Read more
Ganga Lid. invited applications for issuing 10,000 equity shares of ₹10 each. The amount per share was payable as follows: ₹2 on application, ₹3 on allotment, ₹3 on first call and ₹2 on second and final call. Applications were received for 15,000 shares, the applications for 3,000 shares were rejected and application money refunded. The … Read more
Saraswati Ltd. has an authorised capital of ₹10,00,000 divided into equity shares of ₹10 each. Subscribed and fully paid up share capital of the company was ₹4,00,000, To meet its new financial requirements, the company issued 20,000 equity shares of ₹10 each which were payable as follows: ₹3 on application; ₹3 on allotment, ₹2 on … Read more