1.

X Ltd. invited applications for issuing 5,00,000 equity shares of Rs. 10 each at per.The amount per share was payable as follows: {:("On Application",-,"Rs.1 per share,"),("On Allotment",-,"Rs. 2 per share,"),("On First call",-,"Rs.3 per share,"),("On Second and Final call",-,"Balance."):} Applications for 8,00,000 shares were received. Applications for 1,00,000 shares were rejected and pro rata allotment was made to the remaining applicants. Excess money received with applications was adjusted sums due on allotment. All calls were made. Ashok, a shareholder holding 5,000 shares, failed to pay the allotment and the call money. Mohan, a shareholder who had applied for 7,000 shares, failed to pay the first and second and final call. Shares of Ashok and Mohan were forfeited after the second and final call. Of the forfeited shares 8,000 shares were reissued at Rs. 12 per share fully paid-up . The reissued shares included all the forfeited shares of Ashok. Pass necessary Journal entries for theabove transactions in the books of X Ltd.

Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V02_PA_E01_136_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V02_PA_E01_136_S02.png" width="80%"/><br/> 1. Calculation of allotment money not paid by Ashok: <br/> `{:((i),"Total No. of shares applied by Ashok = 7,00,000/5,000=7,000 shares.",Rs.),((ii),"Application money received on shares applied (7,000"xx"Rs.1)","7,000"),((iii),"Excess Application money adjusted on allotment[Rs. 7,000-(5,000"xx"Rs.1)]","2,000"),((iv),"Allotment money due on shares allotted(5,000"xx"Rs. 2)","10,000"),((v),"Allotment money due but not paid by Ashok (Rs.10,000 - Rs.2,000)","8,000"):}` <br/>`{:(" 2. Calculation of allotment money received later:",,""Rs.,,""Rs.),("Total allotment money due (5,00,000"xx"Rs.2)",,,,"10,00,000"),("Less: (a) Excess application money to be adjusted on allotment",,"2,00,000",,),("(<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>) Not received from Ashok(WN 1)",,<a href="https://interviewquestions.tuteehub.com/tag/ul-1435627" style="font-weight:bold;" target="_blank" title="Click to know more about UL">UL</a>(8,000),,ul(2,08,000)),(,,,,ul(ul(7,92,000))):}` <br/>`{:(" 3. Calculation of <a href="https://interviewquestions.tuteehub.com/tag/gain-469945" style="font-weight:bold;" target="_blank" title="Click to know more about GAIN">GAIN</a> (Profit) on <a href="https://interviewquestions.tuteehub.com/tag/reissue-1182995" style="font-weight:bold;" target="_blank" title="Click to know more about REISSUE">REISSUE</a> to be transferred to Capital Reserve:",,Rs.),("Amount <a href="https://interviewquestions.tuteehub.com/tag/forfeited-7681535" style="font-weight:bold;" target="_blank" title="Click to know more about FORFEITED">FORFEITED</a> on Ashok's 5,000 shares",,"7,000"),("Amount forfeitedon Mohan's 3,000 shares (Rs.15,000"xx"3,000/5,000)",,"9,000"),("Gain (Profit)on reissue to be transferred to Capital Reserve",,bar(ul(ul(16,000)))),(,,):}`</body></html>


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