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X Ltd., issued 50,000 shares of Rs. 10 each at a premium of Rs. 2 per share payable as follows : Rs. 3 on Application Rs. 6 on Allotment (including premium) and Rs. 3 on call. Applications were received for 75,000 shares and pro-rata allotment was made as follows : To the applicants of 40,000 shares, 30,000 shares were issued and for the rest 20,000 shares were issued. All moneys due were received except the allotment and call money from Ram who had applied for 1,200 shares (out of the group of 40,000 shares). All his shares were forfeited. The forfeited shares were re-issued Rs. 7 per share fully paid-up.Pass necessary journal entries for the above transactions.

Answer» <html><body><p></p>Solution :Amount <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> on allotment Rs. 2,20,500, Amount received on first &amp; final call Rs. 1,47,300, Amount transferred to Capital Reserve Rs. <a href="https://interviewquestions.tuteehub.com/tag/900-341675" style="font-weight:bold;" target="_blank" title="Click to know more about 900">900</a>.<br/> <a href="https://interviewquestions.tuteehub.com/tag/hint-486738" style="font-weight:bold;" target="_blank" title="Click to know more about HINT">HINT</a> : Scheme of Allotment : <br/> `{:(,"<a href="https://interviewquestions.tuteehub.com/tag/applied-380664" style="font-weight:bold;" target="_blank" title="Click to know more about APPLIED">APPLIED</a>","Allotted"),(,"40,000Shares","30,000Shares"),("Remaining",ul("35,000") "Shares",ul("20,000") "Shares"),(,ul("75,000"),ul("50,000")):}`</body></html>


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