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
Pawan Ltd. was registered with an authorised capital of ₹10,00,000 divided into 1,00,000 equity shares of ₹10 each. The company offered to the public for subscription, 80,000 equity shares. The amount per share was payable as follows: On application ₹3, On allotment ₹2 On first call ₹3 and On second and final call the balance … Read more
Pass journal entries for the following transactions: AXN Ltd. forfeited 2,400 shares of ₹10 each for non-payment of final call of ₹3 per share. Out of the forfeited shares, 800 shares were reissued at 8 per share as fully paid-up. Vanya Ltd. purchased a running business from Hardik Ltd. for a sum of ₹18,00,000. The … Read more
Anurag Ltd. invited applications for issuing 1,00,000 equity shares of ₹10 each at a premium of 10%. The amount was payable as follows: On application – ₹3 per share On allotment – ₹3 per share (including premium) On first call – ₹2 per share On second and final call – Balance Applications for 1,50,000 shares … Read more
On 1st April, 2019, Chetan Ltd. was formed with an authorised capital of ₹22,50,000 divided into 22,500 equity shares of ₹100 each. The company invited applications for 18,750 equity shares. The amount was payable as follows: On application ₹ 30 per share On allotment ₹ 40 per share On first and final call ₹ 30 … Read more
Zocon Ltd. issued a prospectus inviting applications for 5,00,000 equity shares of ₹10 each issued at a premium of 10% payable as: ₹3 on Application ₹5 on Allotment (including premium) and ₹3 on call. Applications were received for 6,60,000 shares. Allotment was made as follows: (a) Applicants of 4,00,000 shares were allotted in full. (b) … Read more
AB Ltd. issued 30,000 shares of ₹10 each at par, payable as follows: ₹3 per share – on application ₹3 per share – on allotment Balance – on first and final call Applications were received for 50,000 shares. Applications for 10,000 shares were rejected and allotment was made on pro-rata basis to the remaining applicants. … Read more
A 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 On allotment – ₹9 per share (premium included) Applications were received for 1,40,000 shares and allotment was made to all applicants on pro-rata basis. … Read more
Alpha India Ltd. was registered with an authorised capital of ₹10,00,000 divided into 1,00,000 equity shares of ₹10 each. The company offered to the public for subscription 80,000 equity shares payable per share as: ₹3 on application, ₹2 on allotment, ₹3 on first call and the balance on second and final call. The issue was … Read more
X Ltd. invited applications for issuing 50,000 equity shares of Rs. 10 each. The amount was payable as follows: On Application : Rs. 2 per share On Allotment : Rs. 2 per share On First Call : Rs. 3 per share On Second and Final Call : Balance amount Applications for 70,000 shares were received. … Read more