100 :- Arvind Ltd. issued 20,000 shares of Rs 10 each at a premium of Rs 2 per share payable as:
On Application Rs 6
On Allotment Rs 3 (including premium)
On First Call Rs 2
On Second and Final Call Rs 1
Applications were received for 30,000 shares. Applications for 6,000 shares were rejected and pro rata allotment was made to the remaining applicants.
Abhay, who was allotted 500 shares failed to pay allotment money and on his subsequent failure to pay the first call his shares were forfeited. Of these, 300 shares were reissued as fully paid-up for Rs 6 per share.
Journalise the transactions to record the forfeiture and reissue of shares.
101 :- Alfa Ltd. invited applications for issuing 75,000 equity shares of Rs 10 each. The amount was payable as follows:
On Applications and Allotment Rs 4 per share,
On First Call Rs 3 per share,
On Second and Final Call Balance
Applications for 1,00,000 shares were received. Shares were allotted to all the applicants on pro-rata basis and excess money received with applications was transferred towards sums due on first call. Vibha who was allotted 750 shares failed to pay the first call. Her shares were immediately forfeited. Afterwards, the second call was made. The amount due on second call was also received, except on 1,000 shares applied by Monika. Her shares were also forfeited. All the forfeited shares were reissued to Mohit for Rs 9,000 as fully paid up.
Pass necessary Journal entries in the Books of Alfa Ltd. For the above transactions.
102 :- Himalaya Company Limited issued for public subscription 1,20,000 equity shares of Rs 10 each at a premium for Rs 2 per share payable as under:
On Application Rs 3 per share,
On Allotment (including premium) Rs 5 per share,
On First Call Rs 2 per share,
On Second and Final Call Rs 2 per share,
Applications were received for 1,60,000 shares. Allotment was made on pro-rata basis. Excess money on application were adjusted against the amount due on allotment.
Rohan to whom 4,800 shares were allotted, failed to pay for the two calls. These shares were subsequently forfetied after the second call was made. All the shares forfeited were reissued to Teena as fully paid at Rs 7 per share.
Record Journal entries and show the transactions relating to share capital in the company’s Balance Sheet.
103 :- Visa Ltd. offered 10,000 shares of Rs 100 each payable as follows: on application: Rs 3, on allotment: Rs 2, on first call: Rs 3, on second call: Rs 2. Public applied for 13,000 shares. Shares wre allotted on pro rata to the applicants of 12,000 shares. All the shareholders have paid the amount up to allotment except Mohan, the allottee of 200 shares. His shares were forfeited. First call was then made. Forfeited shares were reissued @ Rs 9 per share, Rs 8 called-up. Second call has not yet been made. You are required to make the Cash Book and Pass the Journal entries.
104 :- SaReGaMa Ltd. invited applications for issuing 80,000 equity shares of Rs 100 each at a premium of Rs 10. The amount was payable as follows:
On Application Rs 30
On Allotment Rs 30 (including a premium of Rs 10)
On First Call Rs 30
On Final Call Balance
Applications of 1,20,000 shares were received. Allotment was made on pro rata basis to all applicants. Excess money received on application was adjusted on sums due on allotment. Dhwani, who was allotted 1,600 shares, failed to pay allotment money and Sargam who applied for 6,000 shares did not pay first call money. These shares were forfeited immediately after first call. 2,000 of these shares (including all shares of Dhwani were issued to Tarang for Rs 95 per share as Rs 80 paid-up. Pass necessary Journal entries in books of Saregama Ltd. by opening calls in Arrear and Calls in Advance Accounts, if final call has not been made.