23 :- Tiny Toys Ltd. issued Rs 10,00,000 shares of Rs 100 each at a premium of Rs 20 for subscription payable as :
Rs 10 per share on application;
Rs 40 per share and Rs 10 premium on allotment, and
Rs 50 per share and Rs 10 premium on final payment.
Issue was oversubscribed receiving applications for 13,000 shares. Applicants for 11,000 shares were alloted 10,000 shares and applicants for 2,000 shares were sent letters of regret. All the money due on allotment and final call was duly received. Pass necessary entries in the compant’s books to record the above transactions. Also, show share capital in the company’s Balance Sheet on completion of the above transactions.
24 :- Sony Media Ltd. issued 50,000 shares of Rs 10 each payable Rs 3 on application, Rs 4 on allotment and balance on first and final call. Applications were received for 1,00,000 shares and allotment was made as follows :
(i) Applicants for 60,000 shares were alloted 30,000 shares,
(ii) Applicants for 40,000 shares were alloted 20,000 shares.
Anupam to whom 1,000 shares were alloted from category (i), failed to pay the allotment money.
Pass Journal entries up to allotment.
25 :- Sugandh Ltd. issued 60,000 shares of Rs 10 each at a premium of Rs 2 per share payable as Rs 3 on application, Rs 5 (including premium) on allotment and the balance on first and final call. Application money received was Rs 2,76,000. It was resolved to allot as follows :
(i) Applicants of 40,000 shares 30,000 shares
(ii) Applicants of 50,000 shares 30,000 shares
(iii) Applicants of 20,000 shares Nil.
Mohan, who had applied for 800 shares in Category (i) and Sohan, who was alloted 600 shares in Category (ii) failed to pay allotment money. Calculate amount received on allotment.
26 :- Printkit Limited invited applications for issue of 80,000 equity shares of Rs 10 each. The amount was payable as follows :
On Application – Rs 3 per share
On Allotment – Rs 2 per share
On First and Final Call – Balance
Applications for 1,50,000 shares were received. Applications for 10,000 shares were rejected and pro rata allotment was made to the remaining applicants on the following basis :
Category A – Applicants for 80,000 shares were alloted 40,000 shares.
Category B – Applicants for 60,000 shares were alloted 40,000 shares.
Excess money received on application was adjusted towards amount due on allotment and first and final call. All the amounts due on allotment and first and final call were duly received.
Pass necessary Journal Entries in the books of Printkit Limited.
27 :- Eastern India Company Limited, having an authorised capital of Rs 10,00,000 divided into shares of Rs 10 each, issued 50,000 shares at a premium of Rs 3 per share payable as follows;
On Application Rs 3 per share;
On Allotment (including premium) Rs 5 per share;
On First Call (due three months after allotment) Rs 3 per share;
And the balance as and when required.
Applications were received for 60,000 shares and the directors alloted the shares as follows:
(i) Applicants for 40,000 shares received in full.
(ii) Applicants for 15,000 shares received an allotment of 8,000 shares.
(iii) Applicants for 5,000 shares received 2,000 shares on allotment, excess money being returned.
All amounts due on allotment were received.
The first call was made and the money was received except on 100 shares.
Give Journal and Cash Book entries to record these transactions of the company. Also prepare the Balance Sheet of the company.