A company offered 1,00,000 shares of Rs 10 each payable as Rs 3 on app

1.	A company offered 1,00,000 shares of Rs 10 each payable as Rs 3 on application, Rs 2.50 on allotment, Rs 2.50 on 1st call and Rs 2 on the final call. The public applied for 1,52,000 shares. The shares were allotted on a pro-rata basis to the applicants of 1,50,000 shares. All shareholders paid the allotment money excepting one shareholder who was allotted 200 shares. These shares were forfeited. The first call was made thereafter. The forfeited shares were re-issued Rs 9 per share Rs 8 paid up. The final call was not yet made. You are required to pass journal entries.
Answer» A company offered 1,00,000 shares of Rs 10 each payable as Rs 3 on application, Rs 2.50 on allotment, Rs 2.50 on 1st call and Rs 2 on the final call. The public applied for 1,52,000 shares. The shares were allotted on a pro-rata basis to the applicants of 1,50,000 shares. All shareholders paid the allotment money excepting one shareholder who was allotted 200 shares. These shares were forfeited. The first call was made thereafter. The forfeited shares were re-issued Rs 9 per share Rs 8 paid up. The final call was not yet made. You are required to pass journal entries.

A company offered 1,00,000 shares of Rs 10 each payable as Rs 3 on application, Rs 2.50 on allotment, Rs 2.50 on 1st call and Rs 2 on the final call. The public applied for 1,52,000 shares. The shares were allotted on a pro-rata basis to the applicants of 1,50,000 shares. All shareholders paid the allotment money excepting one shareholder who was allotted 200 shares. These shares were forfeited. The first call was made thereafter. The forfeited shares were re-issued Rs 9 per share Rs 8 paid up. The final call was not yet made. You are required to pass journal entries.

Answer»

A company offered 1,00,000 shares of Rs 10 each payable as Rs 3 on application, Rs 2.50 on allotment, Rs 2.50 on 1st call and Rs 2 on the final call.

The public applied for 1,52,000 shares. The shares were allotted on a pro-rata basis to the applicants of 1,50,000 shares. All shareholders paid the allotment money excepting one shareholder who was allotted 200 shares. These shares were forfeited. The first call was made thereafter. The forfeited shares were re-issued Rs 9 per share Rs 8 paid up. The final call was not yet made.

You are required to pass journal entries.

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