54 :- Ratan Ltd.forfeited 3,000 shares of Rs 10 each (issued at Rs 2 premium) for non-payment of first call or Rs 2 per share. Final call of Rs 3 per share was not yet made. Out of these, 2,000 shares were reissued at Rs 10 per share as fully paid. Pass entries for forfeiture and reissue of shares.
55 :- Ajanta Ltd. Issued a prospectus inviting applications for issuing 5,00,000 equity shares of Rs 10 each issued at a premium of 10%. The amount was payable as follows :-
On Application Rs 3 per share
On Allotment (including premium) Rs 5 per share
On First and Final Call Rs 3 per share
Applications were received for 6,00,000 shares and pro rata allotment was made to all applicants. Excess money received on application was adjusted towards sums due on allotment. All amounts were duly received except from Sumit, who was the holder of 1,000 shares and failed to pay the allotment and first and final call. His shares were forfeited.
Pass Journal entries for the above transactions in the books of Ajanta Ltd. Open Calls-in-Arrears Account whenever necessary.
56 :- Ankit Ltd.issued 20,000 equity shares of Rs 10 each at a premium of Rs 2 per share, payable as :
On Application : Rs 3
On Allotment : Rs 5 (Including premium)
On First Call : Rs 2
On Second and Final Call : Rs 2
Vijay was alloted 500 shares. Pass the necessary Journal entries relating to the forfeiture of shares in following cases :
Case 1 : Vijay did not pay allotment money and his shares were immediately forfeited.
Case 2 : Vijay did not pay allotment and first call, his shares were foreited after first call.
Case 3 : Vijay failed to pay first call and his shares were forfeited immediately.
Case 4 : Vijay failed to pay both the calls and his shares were forfeited.
57 :- Vani Limited invited applications for issuing 1,00,000 equity shares of Rs 10 each at a premium of 10%. The amounts were payable as under:
On Application and Allotment : Rs 4 per share (including premium Rs 1)
On First Call : Rs 4 per share
On Second and Final Call : Rs 3 per share
Applications for 1,50,000 shares were received and pro rata allotment was made to all the applicants. Excess Application money was adjusted towards sums due on calls. Parth, a shareholder who had applied for 600 shares did not pay the first call. His shares were forfieted. The second and final call was not yet made. Half of the forfeited shares were reissued at Rs 8 per share fully paid-up.
Journalise the above transactions in the books of Vani Limited by opening Calls-in-Arrears and Calls-in-Advance Account wherever necessary.