Question

1.104
Company Accounts (Share Capital)Mukesh finance LTD issued for public subscription 50000 equity shares of 10 each at premium 2 per share payable as follows

On application 5 per share
On allotment 3 per share including premium
upOn first call 2 per share
On final call 2 per share
Applications were received for 80,000 shares. Allotment was made on the following basis:
(a) To applicants for 10,000 shares in full
(b) To applicants for 50,000 shares 30,000 shares
(c) To applicants for 20,000 shares 10,000 shares
All excess money paid on application was to be adjusted against amount due on allotment
and calls. All the money received on shares except the following:
(i) Sunjay (out of group applying for 50.000 shares) to whom 300 shares were allotted
failed to pay the two calls.
(11) Pramod (out of group applying for 20,000 shares) who applied for 400 shares failed to
pay the final call.
All the shares on which calls were not paid were forfeited by the directors. Of the shares
forfeited 400 shares were reissued as fully paid to Mr. Money for 9 per share, the whole of
Sunjay's shares being included.
Pass the necessary journal entries in the books of the company

Answer 1

Answer:

This is my answer if u find it helpful then rate plz