Sona Ltd. invited applications for issuing 60,000 equity shares of ₹50 each. The amount was payable as follows: On Application and ₹20 per share On Allotment ₹25 per share On Fist and final call Balance Applications for 90,000 shares were received. Applications for 10,000 shares were rejected and application money refunded. Shares were allotted … Read more
JK Ltd. forfeited 6,000 equity shares of ₹10 each issued at a premium of ₹2 per share for the non-payment of first call of ₹2 per share. The second and final call of ₹2 per share had not yet been made. The forfeited shares were reissued at a discount of ₹3 per share fully paid … Read more
Radhika Ltd. invited applications for issuing 40,000 equity shares of ₹100 each at a premium of ₹50 per share. The amount was payable as follows: On Application and Allotment ₹40 per share (including ₹10 premium) On First call ₹45 per share (including ₹5 premium) On Second and final call Balance Applications for 39,000 shares … Read more
Centurian Ltd. invited applications for issuing 2,00,000 equity shares of ₹10 each at a premium of ₹20 per share. The amount was payable as follows: On Application and Allotment ₹20 per share (including premium ₹17 per share) On First and Final call ₹10 per share (including premium ₹3 per share) Applications were received for … Read more
Pass the necessary journal entries for forfeiture and reissue of shares in the following cases : Premier Ltd. forfeited 600 shares of ₹10 each issued at a premium of ₹3 per share (payable with allotment) for non-payment of allotment money of ₹7 per share including premium. The first and final call of ₹3 per share … Read more
Altima Ltd. invited applications for issuing 2,00,000 equity shares of ₹10 each at a premium of ₹4 per share. The amount was payable as follows: On application and allotment — ₹7 per share (including premium ₹1) On first and final call Balance Applications were received for 2,40,000 shares. Applications for 30,000 shares were rejected and … Read more
Alexia Limited invited applications for issuing 1,00,000 equity shares of ₹10 each at premium of ₹10 per share. The amount was payable as follows: On application ₹9 per share (Including premium ₹6 per share) On allotment ₹8 per share (Including premium ₹4 per share) On first and final call 3 per share. Applications were received … Read more
Pass necessary journal entries for forfeiture and reissue of forfeited shares in the following cases: Macil Ltd. forfeited 3,000 shares of ₹100 each issued at 20% premium for the non-payment of allotment money of ₹30 per share and first call of ₹40 per share (including premium ₹10). The second and final call of ₹30 per … Read more
Balance Sheet (Extract) Of XYZEE ltd as at 31.03.2024 (as per schedule -III of Companies Act 2013) Note no. 31.03.2023 31.03.2024 I- Equity & Liabilities 1. Shareholders Funds a). Share Capital 1 44,90,000 54,90,000 b). Reserves and Surplus 2 2,00,000 3,60,000 Note no.1 (For year ending 31.03.2023) Share Capital 1). Authorised Share Capital 8,00,000 Equity … Read more
A company forfeited 8,000 shares of ₹10 each on which ₹8 were called (including ₹1 premium) and ₹6 was paid (including ₹1 premium). Out of these 5,000 shares were reissued at maximum possible discount. Pass necessary journal entries. Mark-3, CBSE: 2024-25/Sample/Q-19* Answer : The solution is available on our Mobile App Back