XYZ Ltd. issued a prospectus inviting applications for 2,000 shares of ₹ 10 each at a premium of ₹ 4 per share payable as: On application – ₹ 6 (including ₹ 1 premium) On allotment – ₹ 2 (including ₹ 1 premium) On first call – ₹ 3 (including ₹ 1 premium) On second and final call – ₹ 3 (including ₹ 1 premium) Applications were received for 3,000 shares and pro rata allotment was made on the applications for 2,400 shares. It was decided to utilise excess application money towards the amount due on allotment. X, to whom 40 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call his shares were forfeited. Y, who applied for 72 shares failed to pay the two calls and on his such failure his shares were forfeited. Of the shares forfeited 80 shares were sold to Z credited as fully paid-up for ₹ 9 per share the whole of Y’s shares being included. Prepare Journal, Cash Book and the Balance Sheet.

XYZ Ltd. issued a prospectus inviting applications for 2,000 shares of

1.	XYZ Ltd. issued a prospectus inviting applications for 2,000 shares of ₹ 10 each at a premium of ₹ 4 per share payable as: On application – ₹ 6 (including ₹ 1 premium) On allotment – ₹ 2 (including ₹ 1 premium) On first call – ₹ 3 (including ₹ 1 premium) On second and final call – ₹ 3 (including ₹ 1 premium) Applications were received for 3,000 shares and pro rata allotment was made on the applications for 2,400 shares. It was decided to utilise excess application money towards the amount due on allotment. X, to whom 40 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call his shares were forfeited. Y, who applied for 72 shares failed to pay the two calls and on his such failure his shares were forfeited. Of the shares forfeited 80 shares were sold to Z credited as fully paid-up for ₹ 9 per share the whole of Y’s shares being included. Prepare Journal, Cash Book and the Balance Sheet.
Answer» rnal, Cash Book and the Balance SHEET are PREPARED below:Explanation:Applied shares 3000Calculation of X's Shares Number of share applied Calculation of Y's Share No. of shares alloted CAPITAL Reserve on re-issue of 20 shares of X - Rs.100Add Capital Reserve on reissue of 60 shares of Y - Rs. 300TOTAL Capital Reserve on 80 shares = Rs. 100 + Rs.300 = Rs. 400Thus, the total Capital Reserve on 80 shares is Rs. 400

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