Question

11. Oriental Ltd.issued 5,000 Equity shares of 10 cach at a premium of 2 per share
payable as 3 per share on application, 5 per share on allotment (including premium
and 2 per share on first and final call each. Applications for 8,000 shares were
received and allotment was made pro-rata to applicants of 7,500 shares, the application
money for remaining shares being refunded.
Akash, to whom 120 shares were allotted, failed to pay the allotment money and first
call money. His shares were forfeited after the first call. Bikash who applied for 300
shares, failed to pay the two calls and his shares were forfeited after the final call. Of
these, 240 shares were reissued as fully paid for 9 per share (which included all the
shares issued to Akash).
Show the Cash Book, the Journal Entries and the Balance Sheet of the company to​

Answer 1

Answer:

Oriental Ltd.issued 5,000 Equity shares of 10 cach at a premium of 2 per share

payable as 3 per share on application, 5 per share on allotment (including premium

and 2 per share on first and final call each. Applications for 8,000 shares were

received and allotment was made pro-rata to applicants of 7,500 shares, the application

Explanation: