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A Ltd issued 20,000 Equity Shares of ₹ 10 each at a premium of ₹ 5 per share, payable as ₹ 7 (including premium) on application, ₹ 5 on allotment and the balance after three months of allotment. A shareholder to whom 200 shares were allotted failed to pay the allotment and call money and his shares were forfeited. 160 of the forfeited shares were reissued for ₹ 1,600. Give necessary entries in company’s journal and the Balance Sheet. . |
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Answer» Reserve is Rs.15 EXPLANATION:Payment on APPLICATION = Rs.7Payment on ALLOTMENT = Rs.5On FIRST call and the Last Call = Rs.3 Total (7+5+3) = 15. |
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