92 :- Pass necessary Journal entries for forfeiture and reissue of shares in the following cases:
(i) Neon Ltd. forfeited 2,000 shares of Rs 10 each issued at a premium of Rs 2 per share for non-payment of allotment money of Rs 5 per share (including premium). The first and final call of Rs 2 per share was not yet made. Out of these, 1,500 shares were reissued at Rs 7 per share, Rs 8 paid-up.
(ii) Mamta Ltd. forfeited 3,000 shares of Rs 10 each on which the first call of Rs 3 per share was not received. The second and final call of Rs 1 per share was not yet called. Out of these, 2,000 shares were reissued at Rs 9 per share, Rs 9 paid-up.
93 :- Telecom Ltd.; issued 20,000 Equity Shares of Rs 10 each at a premium of Rs 5 per share, payable as: Rs 7 (including premium) on application, Rs 5 on allotment and the balance after three months of allotment. A shareholder to whom 200 shares were allotted failed to pay the allotment and call money and his shares were forfeited. 160 of the forfeited shares were reissued for Rs 1,600.
Pass necessary entries in company’s Journal, prepare Ledger Accounts and the Balance Sheet.
94 :- Healthy Foods Ltd. had authorised capital of Rs 50,00,000, 5,00,000 equity shares of Rs 10 each issued 3,75,000 equity shares for subscription at a premium of 20% payable Rs 4 on application, Rs 5 on allotment and balance as first and final call. The shares were subscribed, and due amounts were received except allotment money on 25,000 shares. These shares were forfeited. Later these shares were reissued at Rs 7 paid-up and Rs 50,000 were transferred to Capital Reserve. First and final call was demanded from the shareholders and was received except on 10,000 which was transferred to Calls-in Arrears Account.
Pass the Journal entries for forfeiture, reissue of forfeited shares and first and final call.
95 :- Panasonic Ltd. was formed on 1st April, 2024 with an authorised capital of Rs 20,00,000, divided into 20,000 Equity Shares of Rs 100 each. 10,000 shares were issued as fully paid to the vendors of building for payment of the purchase consideration. The remaining 10,000 shares were offered for public subscription at a premium of Rs 5 per share payable
On Application – Rs 10 per share,
On Allotment – Rs 25 per share (including premium)
On First Call – Rs 40 per share,
On Final Call – Rs 30 per share
Applications were received for 9,000 shares which were duly allotted and the allotment money was received in full. At the time of the first call, a shareholder who held 1,000 shares failed to pay the first call money and his shares were forfeited. These shares were reissued @ Rs 60 per share, Rs 70 per share paid-up. Final Call has not been made.
You are required to (i) give necessary Journal entries to record the above transactions and (ii) show how share capital would appear in the Balance Sheet of the company.
96 :- Sukanya Ltd. invited applications for issuing 1,00,000 equity shares of Rs 10 each. The shares were issued at a premium of Rs 20 per share. The amount was payable as follows:
On Application and Allotment Rs 14 per share (including premium of Rs 10)
On First Call Rs 8 per share (including premium of Rs 5)
On Final Call Rs 8 per share (including premium of Rs 5)
Applications for 96,000 shares were received. Rohit, a shareholder holding 7,000 shares, failed to pay both the calls and Namit, a holder of 5,000 shares, did not pay the final call.
Shares of Rohit and Namit were forfeited. Of the forfeited shares, 8,000 shares including all the shares of Rohit were reissued to Reena at Rs 8 per share fully paid-up.
Pass necessary Journal entries for the above transactions in the books of Sukanya Ltd.
97 :- Abhipra Ltd. invited applications for issuing 1,00,000 equity shares of Rs 10 each. The shares were issued at a premium of Rs 20 per share. The amount was payable as follows:
On Application Rs 14 per share (including premium of Rs 10),
On Allotment Rs 8 per share (including premium of Rs 5)
On First and Final Call Rs 8 per share (including premium of Rs 5)
Applications for 90,000 shares were received. Paresh, a shareholder holding 5,000 shares, did not pay the allotment money and call. While Dharam, holder of 3,000 shares, did not pay the call. Shares of Paresh and Dharam were forfeited. Of the forfeited shares, 5,000 shares including 3,000 shares of Paresh and 2,000 shares of Dharam were reissued to Parul at Rs 8 per share as fully paid-up.
Pass necessary Journal entries for the above transactions in the books of Abhipra Ltd.