68 :- Sunshine Industries Ltd. Issued 20,000 shares of Rs 100 each payable Rs 25 per share on application, Rs 25 per share on allotment and the balance in two calls of Rs 25 each. The company did not make the final call of Rs 25 per share. All the money was duly received with the exception of the amount due on the first call on 400 shares held by Mr. Modi. The Board of Directors forfeited these shares and subsequently reissued them @ Rs 75 per share paid-up for a sum of Rs 28,000.
69 :- R.P. Ltd. Forfeited 1,500 shares of Rahim of Rs 10 each issued at a premium of Rs 3 per share for non-payment of allotment and first call money. Rahim had applied for 3,000 shares. On these shares, amount was payable as follows:
On Application Rs 3 per share
On Allotment (including premium) Rs 5 per share
On First Call Rs 3 per share
On Final Call Balance
Final Call has not been called up. 1,000 of the forfeited shares were reissued for Rs 8,500 as fully paid-up. Record the necessary Journal entries for the above transactions in the books of R.P. Ltd.
70 :- The Hindustan Manufacturing Ltd. Had a total subscribed capital of Rs 10,00,000 in Equity Shares of Rs 10 each of which Rs 7.50 were called-up. A final call of Rs 2.50 was made and all amount paid except two calls of Rs 2.50 each in respect of 100 shares held by D. These Shares were forfeited and reissued at Rs 8 per share.
Pass necessary Journal Entries to record the transactions of final call, forfeiture of shares and reissue of forfeiture shares. Also, prepare the Balance Sheet of the company.
71 :- Star Ltd. Forfeited 500 Equity Shares of Rs 100 each for non-payment of first call of Rs 30 per share. The final call of Rs 10 per share was not yet made. Out of these, 60% shares were reissued for Rs 39,000 fully paid. Journalise the forfeiture and reissue of shares.
72 :- Give necessary Journal entries :-
(i) The Directors of Devendra Ltd. Resolved on 1st January, 2010 that 100 Equity Shares of Rs 10 each, Rs 8 paid-up be forfeited for non-payment of final call of Rs 2. On 1st February, 60 of these shares were reissued @ Rs 7 per share as fully paid-up.
(ii) Virender Limited forfeited 20 shares of Rs 100 each (Rs 60 called-up) issued at par to Mukesh on which he had paid Rs 20 per share. Out of these, 15 shares were reissued to Sanjeev as Rs 60 paid -up for Rs 45 per share.