Question

9. (Prorata Allotment/Forfeiture/Reissue) Indian Oil Company issued 20,000 shares of
10 each payable * 2 on application, 4 on allotment and balance in two equal calls. It
received applications for 24,000 shares. The pro-rata allotment was made on applied shares.
Excess application money was retained.
Kuljeet who was allotted 500 shares did not pay allotment money and two subsequent calls.
His shares were forfeited and reissued at 8 per share fully paid up.
Pass necessary entries.
un 2001
ΓΑ
ni​

Answer 1

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