Question

1. Sangita Limited invited applications for issuing 60,000 shares of 10 each at par. The amount was payable
as follows: on application 2 per share; on allotment 3 per share; on first and final call 5 per share
Applications were received for 92,000 shares.
Allotment was made on the following basis: (a) to applicants for 40,000 shares: full; (b) to applicants for
50,000 shares: 40%; (c) to applicants for 2,000 shares: nil.
* 1,08,000 was realised on account of allotment (excluding the amount carried from application money
and 2,50,000 on account of call. The directors decided to forfeit shares of those applicants to whom ful
allotment was made and on which allotment money was overdue.
Pass Journal entries in the books of Sangita Limited to record the above transactions. ​

Answer 1

Answer:

Image 1 -> Fair answer

Image 2-> Rough Calculation Area

Hope these images fetches your answer.....

Answer 2

Journal Entry in the books of Sangita Limited

Explanation:

Calculation of Number of Shares on which allotment money is not received:

Total amount due on allotment 60,000 x 3      =  1,80,000

Less : Excess received on application                = (60,000)

    (50,000 x 60 % )

Less : Allotment money received                       = (1,08,000)

Amount Not Received on Allotment                   = 12,000