78 :- ‘Venus Ltd.’ was registered with an authorised capital of Rs 40,00,000 divided into 4,00,000 equity shares of Rs 10 each. 70,000 of these shares were issued as fully paid to ‘M/s Star Ltd.’ for building purchased from them. 2,00,000 shares were issued to the public and the amounts were payable as follows:
On Application – Rs 3 per share
On Allotment – Rs 2 per share
On First Call – Rs 2 per share
On Second and Final Call – Rs 3 per share
The amounts received on these shares were as follows:
On 1,00,000 shares – Full amount called
On 60,000 shares – Rs 7 per share
On 30,000 shares – Rs 5 per share
On 10,000 shares – Rs 3 per share
The directors forfeited 10,000 shares on which only Rs 3 per share were received. These shares were reissued at Rs 12 per share fully paid. Pass necessary Journal entries for the above transactions in the books of Venus Ltd.
79 :- Kwality Hospitality Ltd. Incorporated with authorised capital of Rs 10,00,000, 1,00,000 equity shares of Rs 10 each, issued 50,000 equity shares for subscription payable Rs 4 on application, Rs 3 on allotment and balance as first and final call. The shares were subscribed, and due amounts were received except first and final call on 4,000 shares. These shares were forfeited. Later, half the shares were reissued as fully paid-up and Rs 4,000 were transferred to Capital Reserve.
Pass the Journal entry for reissue of shares.
80 :- Park Hospitality Ltd. Incorporated with authorised capital of Rs 15,00,000, Rs 1,50,000 equity shares of Rs 10 each, issued 1,00,000 equity shares for subscription payable Rs 4 on application, Rs 3 on allotment and balance as first and final call. The shares were subscribed, and due amounts were received except first and final call on 4,000 shares held by Pawan. Rakesh holding 2,000 shares paid call on his shares along with allotment money. Shares of Pawan were forfeited. Later, half of the shares were reissued as fully paid-up and Rs 4,000 were transferred to Capital Reserve. Pass the Journal entry for reissue of shares.
81 :- Grofers Ltd. Having authorised capital of Rs 25,00,000, issued 2,00,000 equity shares of Rs 10 each for subscription payable Rs 4 on application, Rs 3 on allotment and balance on first and final call. The shares were subscribed, and due amounts were received except first and final call on 4,000 shares held by Rana. These shares were forfeited. Later, half the shares were reissued as fully paid-up and Rs 14,000 were transferred to Capital Reserve. Pass the Journal entry for forfeiture and reissue of shares.
82 :- Software Ltd. Company with registered capital of Rs 5,00,000 in shares of Rs 10 each issued 20,000 of such shares payable Rs 2 on application, Rs 4 on Allotment, Rs 2 on first call and Rs 2 on final call. All the money payable on allotment was received but on the first call being made, one shareholder paid the entire balance on his holding of 300 shares and five shareholders with a total holding of 1,000 shares did not pay their dues on the first call. These shares were forfeited for non-payment of first call money. Final call was made and all the money due was received. Later on, forfeited shares were reissued @ Rs 6 per share as fully paid-up.
Record the above in the company’s Journal and prepare the Balance Sheet.