Question

21. B. Ltd was formed with an authorised capital of 50,000 shares of 100 each, of these 20,000
shares were issued as fully paid to the vendor for the purchase of building. In addition 10,000
shares were subscribed for by the public upon which * 25 were payable on application, 25 on
allotment, 25 on first call and 25 on second call. On the shares subscribed for by the public, the
following amounts were received:
On 6,000 shares full amount 100 per share, on 2,000 shares 75 per share, on 1,200 shares 50
per share, on 800 shares 25 per share. The directors forfeited 2,000 shares on which less than
75 per share had been paid. These were re-issued at 80 per share. Give Journal entries
(including cash) for the above and prepare balance sheet. [B.Com. : Rohilkhand U:2009]
(Ans.: Amount received : Application 2,50,000; Allot. * 2,30,000, I call 32,00,000, II call
1,50,000, S. forfeiture a/c 80,000, Cap. Res. * 40,000 (80,000 - 40,000), Total of B/S
29,90,000]​

Answer 1

Answer:

amount received: application