Atishyokti Ltd. company was registered with an authorized capital of ₹20,00,000 divided into 2,00,000 Equity Shares of ₹10 each, payable ₹3 on application, ₹6 on allotment (including ₹1 premium) and balance on call. The company offered 80,000 shares for public subscription. All the money has been duly called and received except allotment and call money … Read more
Pass necessary journal entries for forfeiture and reissue of forfeited shares in the following cases: (i) Vipin Ltd. forfeited 10,000 shares of ₹10 each issued at a premium of ₹1 per share, for non-payment of second and final call of ₹2 per share. Out of these, 60% of the shares were reissued at ₹7 per … Read more
Vani Limited invited applications for issuing 1,00,000 equity shares of ₹10 each at a premium of 10%. The amounts were payable as under: On Application and Allotment ₹4 per share (including premium ₹1) On first call ₹4 per share On second and final call ₹3 per share Applications for 1,50,000 shares were received and pro-rata … Read more
Narmada Ltd. has an authorized capital of 10,00,000 divided into equity shares of ₹10 each. The company issued a prospectus inviting applications for issuing 80,000 equity shares. The company received applications for 75,000 equity shares. All calls were made and were duly received except the first and final call of ₹2 per share on 5,000 … Read more
Ajanta Ltd. issued a prospectus inviting applications for issuing 5,00,000 equity shares of ₹10 each issued at a premium of 10%. The amount was payable as follows: On application ₹3 per share On allotment (including premium) ₹5 per share On first and final call ₹3 per share Applications were received for 6,00,000 shares and pro-rata … Read more
Yash Ltd. invited applications for 50,000 equity shares of ₹10 each at a premium of 10%. The amount was payable as follows: On application ₹3 per share; on allotment (including premium) ₹3 per share and on first and final call, the balance amount. Applications were received for 1,20,000 shares and shares were allotted on pro-rata … Read more
Sunstar Ltd. has an authorised capital of ₹20,00,000 divided into equity shares of ₹10 each. The company invited applications for issuing 60,000 shares. Applications were received for 58,000 shares. All calls were made and were duly received except the final call of ₹3 per share on 2,000 shares. These shares were forfeited. Prepare the Share … Read more
Tulip Ltd. invited applications for issuing 2,40,000 equity shares of ₹10 each at a premium of ₹4 per share. The amount was payable as under: On application ₹4 per share (including premium ₹2) On allotment ₹4 per share On first and final call ₹6 per share (including premium ₹2) Applications for 3,00,000 shares were received … Read more
X Ltd. has offered 50,000 equity shares of ₹100 each at a premium of ₹20, payable as follows: Application ₹50 Allotment ₹40 (including premium) and balance on first and final call. The bank account of the company has received ₹35,00,000 on account of share application money. X Ltd. decided to allot shares to all the … Read more
Lotus Ltd. invited applications for issuing 80,000 equity shares of ₹10 each at a premium of ₹4 per share. The amount was payable as follows: On application ₹5 per share and On allotment ₹9 per share (included premium). Applications were received for 1,40,000 shares and allotment was made to all applicants on pro-rata basis. Money … Read more