Shivalik Limited was registered with an authorized capital of Rs. 10,00,000 divided into equity shares of Rs. 10 each. It offered 50,000 equity shares to the public. The amount was payable as follows: On Application – Rs. 2 per share On Allotment – Rs. 6 per share On First and Final call – Balance … Read more
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