1.

Sukanya Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each. The shares were issued at a premium of ₹ 20 per share. The amount was payable as follows: On Application and Allotment — ₹ 14 per share (including premium of ₹ 10), On First Call — ₹ 8 per share (including premium of ₹ 5), On Final Call — ₹ 8 per share (including premium of ₹ 5). Applications for 96,000 shares were received. Rohit , a shareholder holding 7,000 shares, failed to pay both the calls and Namit , a holder of 5,000 shares , did not pay the final call.Shares of Rohit and Namit were forfeited . Of the forfeited shares 8,000 shares including all the shares of Rohit were reissued to Reena at ₹ 8 per share fully paid-up.Pass necessary journal entries for the above transactions in the books of Sukanya Ltd.

Answer» Sukanya Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each. The shares were issued at a premium of ₹ 20 per share. The amount was payable as follows:


















On Application and Allotment ₹ 14 per share (including premium of ₹ 10),
On First Call ₹ 8 per share (including premium of ₹ 5),
On Final Call ₹ 8 per share (including premium of ₹ 5).



Applications for 96,000 shares were received. Rohit , a shareholder holding 7,000 shares, failed to pay both the calls and Namit , a holder of 5,000 shares , did not pay the final call.

Shares of Rohit and Namit were forfeited . Of the forfeited shares 8,000 shares including all the shares of Rohit were reissued to Reena at ₹ 8 per share fully paid-up.

Pass necessary journal entries for the above transactions in the books of Sukanya Ltd.


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