Forfeiture of at Par (Ans. Money : App. 30,000; I II & Call 18,000; Share forfeiture 6,200] 30. Sanjay Mills Ltd. issued shares of ? 100 as : ? 20 on application, except first call on 60 shares and call on 100 100 were forfeited by the for the above. 30 on 30 on call and 20 on call. All the duly received for issuing ? 80,000 Equity shares of? 10 each. The amount
Forfeiture of at Par (Ans. Money : App. 30,000; I II & Call 18,000; Share forfeiture 6,200] 30. Sanjay Mills Ltd. issued shares of ? 100 as : ? 20 on application, except first call on 60 shares and call on 100 100 were forfeited by the for the above. 30 on 30 on call and 20 on call. All the duly received for issuing ? 80,000 Equity shares of? 10 each. The amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![ance,
in Advance on
On
Cive Journal Enures u
Vendsh x 10 = ? 50,000, Amount received : App. 50,000 (20,0 h x 2,50). AIL
5,000 50 (19.500 Sh. x 2.50), I call ? 22,500 (18,000 Sh. x 1.25), Sec.
(15,000 Sh. x 1.26), Total of B/S 2,90,000.]
360
180 (Total 540)
(C) Forfeiture of Shares
eration other than Cash
Porfeiture of Shrres Issued at Par
Forfeited by the directors. Give Journal Entries for the above.
fortefoney Received : App. 7 20,000; Allot. 7 30,000; I Call ? 28,200; II & Final Call 18,000:
issued at par to Bihar Ltd.
Share forfeiture 7 6,200]
hirem Ltd. invited applications for issuing ? 80,000 Equity shares of 10 each. The amount
was payable as follows:
On Application
On Allotment
On First and Final Call
Applications for 77,000 shares were received. Shares were allotted at all the applicants.
Sundaram to whom 7,000 shares were allotted failed to pay the allotment money. His shares
were forfeited immediately after allotment. Rudra, the holder of ? 500 shares failed to pay the
first and final call money. His shares were also forfeited.
Pass necessary journal entries in the books of Shivam Ltd.
JAns. Cash at Bank (3,85,000 + 2,80,000 + 69,500) = 7,34,500; Forfeited shares A/c ( 3,500 +
74,500) = 7 8,000]
remium of 25%.
etions in the books of Goodluck Ltd
tal of Journal 20,00,00C] I
T000
30. Sanjay Mills Ltd. issued 1,000 shares of ? 100 each payable as :? 20 on application,
(Ans. Vendor 10,000 Sh. x 10 = Sn. x7 10 = Underwriters
except first call money on 60 shares and second call on 100 shares. These 100 shares were
30 on 30 on first call and ? 20 on call. All duly received](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8606d170-bdfa-41c9-ba1a-7dd888512dff%2F818e3acb-a7d5-4596-b710-be25597429e2%2F0mxgkcc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ance,
in Advance on
On
Cive Journal Enures u
Vendsh x 10 = ? 50,000, Amount received : App. 50,000 (20,0 h x 2,50). AIL
5,000 50 (19.500 Sh. x 2.50), I call ? 22,500 (18,000 Sh. x 1.25), Sec.
(15,000 Sh. x 1.26), Total of B/S 2,90,000.]
360
180 (Total 540)
(C) Forfeiture of Shares
eration other than Cash
Porfeiture of Shrres Issued at Par
Forfeited by the directors. Give Journal Entries for the above.
fortefoney Received : App. 7 20,000; Allot. 7 30,000; I Call ? 28,200; II & Final Call 18,000:
issued at par to Bihar Ltd.
Share forfeiture 7 6,200]
hirem Ltd. invited applications for issuing ? 80,000 Equity shares of 10 each. The amount
was payable as follows:
On Application
On Allotment
On First and Final Call
Applications for 77,000 shares were received. Shares were allotted at all the applicants.
Sundaram to whom 7,000 shares were allotted failed to pay the allotment money. His shares
were forfeited immediately after allotment. Rudra, the holder of ? 500 shares failed to pay the
first and final call money. His shares were also forfeited.
Pass necessary journal entries in the books of Shivam Ltd.
JAns. Cash at Bank (3,85,000 + 2,80,000 + 69,500) = 7,34,500; Forfeited shares A/c ( 3,500 +
74,500) = 7 8,000]
remium of 25%.
etions in the books of Goodluck Ltd
tal of Journal 20,00,00C] I
T000
30. Sanjay Mills Ltd. issued 1,000 shares of ? 100 each payable as :? 20 on application,
(Ans. Vendor 10,000 Sh. x 10 = Sn. x7 10 = Underwriters
except first call money on 60 shares and second call on 100 shares. These 100 shares were
30 on 30 on first call and ? 20 on call. All duly received
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education