Question

1. X Ltd. Issued a prospectus offering 200000 equity shares of Rs 10 each on the
following terms:
On Application
Re 1
On allotment (Including Premium of Rs2)
Rs 3
On first call
Rs 4
On Final Call
Rs4
Subscriptions were received for 317000 shares on 23rd April and allotment made on 30th
April was as under:
Shares Allotted
Allotments in full (two applicants paid in full on allotment
in respect of 4000 shares each)
38000
Allotments of 2/3 of shares applied for
160000
Allotments of V4 of shares applied for
2000
Cash amounting to Rs 31000 (being application money received with applications for 31000
shares upon which no allotment was made) was returned to applicants forthwith. The
amounts due were received on due dates except with the first and final call on 100 shares.
These shares were forfeited on 15th November and reissued to A on 16th November on
payment of Rs 9 per share.
You are requested to Show journal and cash book entries in the book of X Ltd.​

Answer 1

Answer:

The amount received on shares issued is Rs 12,00,000. The application money is Rs 2 per share and application received is 1,20,000 then application money received is Rs 2,40,000. But application issued were still 100000 as it is case of over-subscription and hence application money received on issuance of share is Rs 2,00,000. There amount to refunded is Rs 40,000 (Rs 2,40,000-Rs 2,00,000).

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