50 :- Vikram Ltd. Forfeited 5,000 shares of Rahul, who had applied for 6,000 shares for non-payment of allotment money of Rs 5 per share and first and final call of Rs 2 per share. Only application money of Rs 3 was paid by him. Out of these , 3,000 shares were reissued @ 12 per share as fully paid.
Pass entries for forfeiture and reissue of shares.
51 :- Sangita Limited invited applications for issuing 60,000 shares of Rs 10 each at par. The amount was payable as follows: on application Rs 2 per share; on allotment Rs 3 per share; on first and final call Rs 5 per share.
Applications were received for 92,000 shares.
Allotment was made on the following basis: (a) to applicants for 40,000 shares : full; (b) to applicants for 50,000 shares: 40%; (c) to applicants for 2,000 shares: nil.
Rs 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and Rs 2,50,000 on account of call. The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.
Pass Journal entries in the books of Sangita Limited to record the above transactions.
52 :- Alpha Ltd. issued 20,000 Equity Shares of Rs 10 each at par payable. On application Rs 2 per share; on allotment Rs 3 per share; on first call Rs 3 per share; on second and final call Rs 2 per share.
Ganesh was alloted 100 shares. Pass necessary Journal entry relating to the forfeiture of shares in each of the following alternative cases :
Case 1 : If Ganesh did not pay the allotment money and his shares were forfeited.
Case 2 : If Ganesh did not pay allotment money and on his subsequent failure to pay the first call, his shares were forfeited.
Case 3 : If Ganesh did not pay the first call and on his subsequent failure to pay the second and final call, his shares were forfeited.
53 :- Chand Ltd. Invited applications for issuing 1,00,000 equity shares of Rs 10 each at a premium of Rs 2 per share. The amount per share was payable as follows: Rs 4 (including premium) on application, Rs 5 on allotment and balance on first and final call. Applications were received for 1,80,000 shares of which applications for 30,000 shares were rejected and remaining applicants were alloted shares on pro-rata basis. Mansi holding 5,000 shares failed to pay first and final call money and her shares were forfeited.
Pass necessary Journal entries for the above transactions in the books of the company.