13. Sunstar Ltd. invited applications for issuing
2,00,000 equity shares of Rs.50 each. The amount
was payable as follows:
On Application - Rs. 15 per share
On Allotment - Rs. 10
per
share
On First and Final Call – Rs. 25 per share
Applications for 3,00,000 shares were received.
Allotment was made to the applicants as follows:
Category
No. of Shares Applied
No. of Shares Allotted
1
2,00,000
1,50,000
H
1,00,000
50,000
Excess money received with applications was
adjusted towards sums due on allotment and calls.
Namita, a shareholder of Category I, holding 3,000
shares failed to pay the allotment money. Her shares
were forfeited immediately after allotment. Manav, a
shareholder of Category II, who had applied for
1,000 shares failed to pay the first and final call. His
shares were also forfeited. All the forfeited shares
were reissued at Rs. 60 per share fully paid up. Pass
necessary journal entries and prepare Cash Book for
the above transactions in the books of Sunstar Ltd.
Answers
Answer:
Hope it's help u.... :)
Explanation:
Ans. Amount received on Allotment – Rs. 7,35,000; Amount received on First & Final Call – Rs. 46,65,000; Share Capital shown in Balance Sheet – Rs. 1,00,00,000; Cap. Reserve – Rs. 75,000;
Security Premium – Rs. 35,000; Cash at Bank – 1,01,10,000; Total of B/S – Rs. 1,01,10,000.]
Answer:
Excess application money adjusted towards allotment is ₹12,50,000
Explanation:
From the above question,
They have given :
Question :
Sunstar Ltd. invited applications for issuing 2,00,000 equity shares of ₹ 50 each. The amount was payable as follows : On Application – ₹ 15 per share On Allotment – ₹ 10 per share On First and Final Call – ₹ 25 per share Applications for 3,00,000 shares were received. Allotment was made to the applicants as follows : Category No. of Shares Applied No. of Shares Allotted I 2,00,000 1,50,000 II 1,00,000 50,000 Excess money received with applications was adjusted towards sums due on allotment and calls. Namita, a shareholder of Category I, holding 3,000 shares failed to pay the allotment money. Her shares were forfeited immediately after allotment. Manav, a shareholder of Category II, who had applied for 1,000 shares failed to pay the first and final call. His shares were also forfeited. All the forfeited shares were reissued at ₹ 60 per share fully paid up.
Excess application money adjusted towards allotment is
₹5,00,000
₹7,50,000
₹12,50,000
₹15,00,000
Amount unpaid by Namita on allotment is ----
₹3,000
₹15,000
₹30,000
₹60,000
Forfeited Shares were reissued at
par
discount
premium
loss
No of shares reissued is ----
3000
1000
4000
3500
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