(a) AX Limited forfeited 6,000 shares of Rs. 10 each for non-payment of First call of Rs. 2 per share. The Final call of Rs. 3 per share was yet to be made. The Final call was made after Forfeited of these shares. Of the forfeited shares, 4,000 shares were reissued at Rs. 9 per … Read more
X Ltd. forfeited 10 shares of ₹ 10 each, ₹ 7 called up on which the shareholder had paid application and allotment money of ₹ 5 per share. Out of these, 8 shares were re-issued to Y for ₹8 per share at ₹ 8 per paid up per share. Record the journal entries for forfeiture … Read more
(i) R.P. Ltd. forfeited 1,500 shares of Rahim of Rs. 10 each issued at a premium of Rs. 3 per share for non-payment of allotment and first call money. Rahim had applied for 3,000 shares. On these shares, amount was payable as follows: On application – Rs. 3 per share On allotment (including premium) – … Read more
XL Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 10 each at par. The amount was payable as follows: On Application Rs. 3 per share. On Allotment Rs. 4 per share. On First and Final Call Rs. 3 per share. The issue was over-subscribed by three times. Applications for 20% shares were rejected … Read more
Khyati Ltd. issued a prospectus inviting applications for 80,000 equity shares of ₹10 each payable as follows: ₹2 on application ₹3 on allotment ₹2 on first call ₹3 on final call Applications were received for 1,20,000 equity shares. It was decided to adjust the excess amount received on account of over subscription till allotment only. … Read more
Sunstar Ltd. invited applications for issuing 2,00,000 equity shares of Rs. 50 each. The amount was payable as follows: On Application – Rs. 15 per share On Allotment – Rs. 10 per share On First and Final Call – Rs. 25 per share Applications for 3,00,000 shares were received. Allotment was made to the applicants … Read more
‘Venus Ltd’ was registered with an authorised capital of Rs. 40,00,000 divided into 4,00,000 equity shares of 10 each. 70,000 of these shares were issued as fully paid to ‘M/s. Star Ltd.’ for building purchased from them. 2,00,000 shares were issued to the public and the amounts were payable as follows: On Application – Rs. … Read more
Rathee Ltd. invited applications for issuing 1,00,000 equity shares of Rs.10 each. The shares were issued at a premium of 60%. The amount was payable as follows: On Application and Allotment – Rs. 6 per share (including premium Rs. 4) On First and Final Call – Balance including premium Applications for 1,90,000 shares were received. … Read more
Saregama Ltd invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium of ₹ 10. The amount was payable as follows On Application – ₹ 30 On allotment – ₹ 30 (including a premium of ₹ 10) On 1st call – ₹ 30 On Final Call Balance Applications of 1,20,000 shares … Read more
Zee Ltd. invited applications for issuing 3,40,000 equity shares of Rs. 10 each at a premium of Rs. 5 per share. The amount was payable as follows: On application Rs. 4 per share (including Rs. 2 premium) On allotment Rs. 5 per share (including Rs. 2 premium) On First and Final call – Balance. Applications … Read more