New Company Ltd. has a nominal capital of ₹ 2,50,000 in shares of ₹ 10. Of these, 4,000 shares were issued as fully paid in payment of building purchased, 8,000 shares were subscribed by the public and during the first year ₹ 5 per share were called-up, payable ₹ 2 on application, ₹ 1 on allotment, ₹ 1 on first call and ₹ 1 on second call. The amounts received in respect of these shares were: The Directors forfeited the 750 shares on which less than ₹ 4 had been paid. The shares were subsequently reissued at ₹ 3 per share. Pass journal entries recording the above transactions and prepare the company’s Balance Sheet.

New Company Ltd. has a nominal capital of ₹ 2,50,000 in shares of �

1.	New Company Ltd. has a nominal capital of ₹ 2,50,000 in shares of ₹ 10. Of these, 4,000 shares were issued as fully paid in payment of building purchased, 8,000 shares were subscribed by the public and during the first year ₹ 5 per share were called-up, payable ₹ 2 on application, ₹ 1 on allotment, ₹ 1 on first call and ₹ 1 on second call. The amounts received in respect of these shares were: The Directors forfeited the 750 shares on which less than ₹ 4 had been paid. The shares were subsequently reissued at ₹ 3 per share. Pass journal entries recording the above transactions and prepare the company’s Balance Sheet.
Answer» mpany Ltd. has a nominal capital of ₹ 2,50,000 in SHARES of ₹ 10. Of these, 4,000 shares were issued as fully paid in payment of building purchased, 8,000 shares were subscribed by the public and during the first year ₹ 5 per share were called-up, payable ₹ 2 on application, ₹ 1 on allotment, ₹ 1 on first CALL and ₹ 1 on SECOND call. The amounts received in respect of these shares were:The Directors forfeited the 750 shares on which less than ₹ 4 had been paid. The shares were SUBSEQUENTLY reissued at ₹ 3 per share.Pass JOURNAL entries recording the above transactions and prepare the company’s Balance Sheet..

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