Question

73. Panasonic Ltd. was formed on 1st April, 2010 with an authorised capital of 2,00,000, divided into
2,000 Equity Shares of 100 each. 1,000 shares were issued as fully paid to the vendors of building for
payment of the purchase consideration. The remaining 1,000 shares were offered for public subscription
at a premium of 5 per share payable as:
On application
10 per share
On allotment
25 per share (including premium),
On first call
40 per share
On final call
30 per share
Applications were received for 900 shares which were duly allotted and the allotment money was received
in full. At the time of the first call, a shareholder who held 100 shares failed to pay the first call money and
his shares were forfeited. These shares were reissued @ 60 per share 70 per share paid-up Final call has
not been made.
You are required to (i) give necessary Journal entries to record the above transactions and (it) show how
share capital would appear in the Balance Sheet of the company.​

Answer 1

Explanation:

No explanation is needed for these kind of sums.

Adjust with my handwriting

Answer 2

Answer:

100* 1000 shares pay by vendor 100000