Answer any THREE questions. 20. In January 2018, Green Ltd. issued 2,000 shares of Rs. 100 each at a discount of \( 5 \% \). The issue was fully subscribed by paying Rs. 20 per share on application. The balance was payable as to Rs. 25 on allotment (with adjustment of discount); Rs. 20 on first call and Rs. 30 on final call. All the calls were made and received with an exception of final call on 200 shares held by one Mr. Zahir. Pass journal entries to record the above and show the resultant balance sheet.
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- The shares are issued at a discount of 5%. - Face value per share = Rs. 100 - Discount per share = 5% of Rs. 100 = Rs. 5 - Issue price per share = Rs. 100 - Rs. 5 = Rs. 95 Show more…
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Z Ltd. was registered with an authorised capital of Rs 60,00,000 divided in 60,000 equity shares of Rs 100 each. Company issued 25,000 equity shares at a premium of Rs 20 per share, payable as follows Rs 30 on Application; Rs 45 on Allotment (including premium); Rs 20 on first call and Rs 25 on Second and Final Call.All shares were subscribed and all the money was duly received. Share issue expenses amounted to Rs 40,000 which were fully written off against Securities Premium.Prepare necessary Journal Entries and Bank Account in the books of the Company.
Penny R.
Beta ltd was incorporated on 1 july 2019. the directors of the company offered for subscription 100,000 ordinary shares at an issue price of $8, payable $2 on allotment and the balance in two calls of $2 per share. by 1 august 2019 total application money ewceived was $410000. the application was rwceived as :from applicants for 20000 shares=$ 160000, from applicants for 40000 shares,$160000. from applicants for 45000 shares, $90000.on 15 aug 2019, it was decided to allot the shares as follows, to all applicants who paid more than the application fee, to applicants who paid only the amount due on application 40000 shares were allotted on a first come forst served basis. directorsmhave power to retain excess application money paid. interest is paid on money received in advance at a rate of 8% payable at date of call. all allotment money received on 31 aug 2019.call made on shares on 15 oct 2019. second call made on 15 nov 2019. prepare the journals
Suzuki Limited issued a prospectus inviting applications for 60,000 shares of Rs. 10 each at a premium of 30%, payable as follows: On Applications Rs. 3.50, On Allotment Rs. 5.50 (including premium), On First Call Rs. 2, and on Second Call Rs. 2. Applications were received for 95,000 shares, and allotment was made pro-rata to applicants of 80,000 shares. Money overpaid on applications was employed on account of sums due on allotment. X, to whom 1,500 shares were allotted, failed to pay the allotment money, and on his subsequent failure to pay the First Call, his shares were forfeited. Y, the holder of 2,400 shares, failed to pay the two calls, and his shares were forfeited after the second Call. Of the shares forfeited, 3,000 shares were sold to Z as fully paid, with Z paying Rs. 8.50 per share, including the whole of Y's shares. Provide journal entries and prepare the Bank Account.
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