Question

5,prasad ltd has issued 25000 share of rs, 100 payable as rs, 30 on application, rs,30 on
allotment and rs,40 on first & final calls, application were recived for 25000 share
which
were alloted and money was received, first call money was received on all the share
excepting a shareholder of rs 5000. pass journal& balance sheet?​

Answer 1

Answer:

X LTd. offered 25,000 shares of Rs. 100 each payable as Rs. 25 on application, Rs. 20 on allotment, Rs. 30 on first call and the balance on final call. Applications were received for 40,000 shares out of which shares were allotted to the applicats for 35,000 shares on a pro-rata basis. All shareholders paid the allotment money excepting Mr. Gopal who was allotted 500 shares. These shares were forfeited immediately. The first call was made thereafter. The forfeited shares were re-issued @ Rs. 8 per share Rs. 75 paid up. The final call was not made. Prepare CAsh Book and pass journal entries.