42. Ankit Ltd. issued 20,000 equity shares of 10 each at a premium of

1.	42. Ankit Ltd. issued 20,000 equity shares of 10 each at a premium of 2 per share, payable asOn ApplicationOn AllotmentOn First CallOn Second and Final Call : 2: 5 (including premium)Vijay was allotted 500 shares. Pass the necessary Journal entries relating to the forfeiture of shares infollowing cases.Case 1. Vijay did not pay allotment money and his shares were immediately forfeited.Case 2. Vijay did not pay allotment and first call, his shares were forfeited after first call,Case 3. Vijay failed to pay first call and his shares were forfeited immediately,Case 4. Vijay failed to pay both the calls and his shares were forfeited.
Answer» Answer: 42. Ankit Ltd. issued 20,000 equity SHARES of 10 each at a PREMIUM of 2 per share, payable as On Application On Allotment On First Call On Second and Final Call : 2 : 5 (including premium) Vijay was allotted 500 shares. Pass the necessary Journal ENTRIES relating to the forfeiture of shares in following cases. Case 1. Vijay did not pay allotment money and his shares were immediately FORFEITED. Case 2. Vijay did not pay allotment and first call, his shares were forfeited after first call, Case 3. Vijay failed to pay first call and his shares were forfeited immediately, Case 4. Vijay failed to pay both the CALLS and his shares were forfeited. Explanation: nsnndn

42. Ankit Ltd. issued 20,000 equity shares of 10 each at a premium of 2 per share, payable asOn ApplicationOn AllotmentOn First CallOn Second and Final Call : 2: 5 (including premium)Vijay was allotted 500 shares. Pass the necessary Journal entries relating to the forfeiture of shares infollowing cases.Case 1. Vijay did not pay allotment money and his shares were immediately forfeited.Case 2. Vijay did not pay allotment and first call, his shares were forfeited after first call,Case 3. Vijay failed to pay first call and his shares were forfeited immediately,Case 4. Vijay failed to pay both the calls and his shares were forfeited.

Answer»

Answer:

42. Ankit Ltd. issued 20,000 equity SHARES of 10 each at a PREMIUM of 2 per share, payable as

On Application

On Allotment

On First Call

On Second and Final Call : 2

: 5 (including premium)

Vijay was allotted 500 shares. Pass the necessary Journal ENTRIES relating to the forfeiture of shares in

following cases.

Case 1. Vijay did not pay allotment money and his shares were immediately FORFEITED.

Case 2. Vijay did not pay allotment and first call, his shares were forfeited after first call,

Case 3. Vijay failed to pay first call and his shares were forfeited immediately,

Case 4. Vijay failed to pay both the CALLS and his shares were forfeited.

Explanation:

nsnndn