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Amisha Ltd inviting application for 40,000 shares of 100 each at a premium of Rs. 20 per share payable on application; Rs. 40 on allotment; Rs. 40 (Including Premium) on first call Rs. 25 and, second and final call Rs. 15. Application were received for 50,000 shares and allotment was made on pro-rata basis. Excess money on application was adjusted on sums due on allotment. Rohit to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited after allotment. Ashmita, who applied for 1,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the shares forfeited, 1,200 shares were sold to Kapil for Rs. 85 per share as fully paid, the whole of Rohit's shares being included. Record necessary journal entries. |
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Answer» Amisha Ltd inviting application for 40,000 shares of 100 each at a premium of Rs. 20 per share payable on application; Rs. 40 on allotment; Rs. 40 (Including Premium) on first call Rs. 25 and, second and final call Rs. 15. Application were received for 50,000 shares and allotment was made on pro-rata basis. Excess money on application was adjusted on sums due on allotment. Rohit to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited after allotment. Ashmita, who applied for 1,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the shares forfeited, 1,200 shares were sold to Kapil for Rs. 85 per share as fully paid, the whole of Rohit's shares being included. Record necessary journal entries. |
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