Pawan Ltd. was registered with an authorised Capital of Rs 5,00,000 di

1.	Pawan Ltd. was registered with an authorised Capital of Rs 5,00,000 divided into shares of Rs 10 each. It purchased a Building from Y for Rs 2,00,000 and issued fully paid shares to Y for purchases consideration.It invited applications for the balance 30,000 shares payable as under:---- Rs 3 per share on Application; Rs 3 per share on Allotment; Rs 2 per share First Call; and Rs 2 on Final Call. Ashok, who had been allotted 500 shares failed to pay both the Calls. His shares were forfeited and re-issued at Rs 9 per share to Hari, as fully paid up. Make neccessary entries in the Journal of the Company.
Answer» Pawan Ltd. was registered with an authorised Capital of Rs 5,00,000 divided into shares of Rs 10 each. It purchased a Building from Y for Rs 2,00,000 and issued fully paid shares to Y for purchases consideration.It invited applications for the balance 30,000 shares payable as under:---- Rs 3 per share on Application; Rs 3 per share on Allotment; Rs 2 per share First Call; and Rs 2 on Final Call. Ashok, who had been allotted 500 shares failed to pay both the Calls. His shares were forfeited and re-issued at Rs 9 per share to Hari, as fully paid up. Make neccessary entries in the Journal of the Company.

Pawan Ltd. was registered with an authorised Capital of Rs 5,00,000 divided into shares of Rs 10 each. It purchased a Building from Y for Rs 2,00,000 and issued fully paid shares to Y for purchases consideration.It invited applications for the balance 30,000 shares payable as under:---- Rs 3 per share on Application; Rs 3 per share on Allotment; Rs 2 per share First Call; and Rs 2 on Final Call. Ashok, who had been allotted 500 shares failed to pay both the Calls. His shares were forfeited and re-issued at Rs 9 per share to Hari, as fully paid up. Make neccessary entries in the Journal of the Company.

Answer»

Pawan Ltd. was registered with an authorised Capital of Rs 5,00,000 divided into shares of Rs 10 each. It purchased a Building from Y for Rs 2,00,000 and issued fully paid shares to Y for purchases consideration.It invited applications for the balance 30,000 shares payable as under:---- Rs 3 per share on Application; Rs 3 per share on Allotment; Rs 2 per share First Call; and Rs 2 on Final Call.

Ashok, who had been allotted 500 shares failed to pay both the Calls. His shares were forfeited and re-issued at Rs 9 per share to Hari, as fully paid up. Make neccessary entries in the Journal of the Company.

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