73 :- Show the forfeiture and reissue entries under each of the following cases :-
(i) KBC Ltd. Forfeited 300 shares of Rs 10 each, Rs 8 called-up held by Amit for non-payment of second call money of Rs 3 per share. These shares were reissued to Zoly for Rs 10 per share as fully paid-up.
(ii) KK Ltd. Forfeited 400 shares of Rs 10 each, fully called-up, held by Bhawana for non-payment of final call money of Rs 4 per share. These shares were reissued to Tarun at Rs 12 per share as fully paid-up.
(iii) Light Ltd. Forfeited 250 shares of Rs 10 each, fully called-up, held by Chetan for non-payment of allotment money of Rs 3 per share and first and final call money of Rs 4 per share. These shares were reissued @ Rs 8 per share as fully paid-up to Prem.
74 :- Rekha holds 100 shares of Rs10 each on which she has paid Rs 1 per share on application.
Sunita holds 200 shares of Rs 10 each on which she has paid Rs 1 and Rs 2 per share on application and allotment respectively.
Teena holds 300 shares of Rs 10 each and has paid Rs 1 on application, Rs 2 on allotment and Rs 3 on first call.
They all fail to pay their arrears and the second call of Rs 4 per share. Shares are forfeited and subsequently reissued @ Rs 11 per share as fully paid-up.
Journalise the above.
75 :- Record the Journal entries for forfeiture and reissue of shares in the following cases:
(i) Basak Ltd. Forfeited 20 shares of Rs 10 each, Rs 7 called-up on which the shareholder had paid application and allotment money of Rs 5 per share. Out of these, 15 shares were reissued to Naresh as Rs 7 per share paid-up for Rs 8 per share.
(ii) Y Ltd. Forfeited 90 shares of Rs 10 each, Rs 8 called-up issued at a premium of Rs 2 per share to ‘R’ for non-payment of allotment money of Rs 5 per share (including premium). Out of these, 80 shares were reissued to Sanjay as Rs 8 called-up for Rs 10 per share.
76 :- Jain Ltd. Invited applications for issuing 1,12,000 equity shares of Rs 10 each at par. The Amount per share was payable as follows:
On Application – Rs 1
On Allotment – Rs 2
On First Call – Rs 3
On Second and Final Call – Rs 4
Applications for 1,00,000 shares were received. Shares were fully alloted to all the applicants. Ramesh failed to pay his allotment money which was Rs 2,000. His shares were forfeited immediately. Suresh did not pay the first call on 500 shares applied by him. His shares were forfeited after the first call. The forfeited shares of Ramesh and Suresh were reissued at Rs 9 per share fully paid-up. Afterwards the second and final call was made and was duly received.
Pass necessary Journal entries for the above transactions in the books of Jain Ltd.
77 :- Slow and Steady Ltd. Invited applications for allotment of 10,000 Equity Shares of Rs 10 each from public. The amount of these shares was payable as:
On Application Rs 1 per share, on Allotment Rs 2 per share, on first call Rs 3 per share and on second and final call Rs 4 per share.
Amounts payable on application, allotment and calls were duly received with the following exceptions:
(i) A, who held 200 shares, failed to pay the money on allotment and calls.
(ii) B, to whom 150 shares were alloted, failed to pay the money on first call and final call.
(iii) C, who held 50 shares, did not pay the amount of second and final call.
The shares of A, B and C were forfeited and were subsequently reissued for cash as fully paid-up at a discount of 5%.
Pass necessary Journal entries to record these transactions in the books of the company.