Question

A limited purchased a machine for rs 500000 on 1 st april 2012 further addition were made on 1 st oct. 2012 and on 1 st july 2013 for rs 400000 and rs 300000 respectively on 1 st january 2015 1 st machine was sold for rs 285000 and new machine was purchased for rs 600000 prepare machine ac for three years ending 31 st march 2015 if depriciation is to be charged @10% p.a. on straight line basis

Answer 1

each at 11 per share. money was payable as follows: 3 on application, 4 allotment ( including premium) , 4 on first and final call. applications were received for 12000 shares and the directors made pro-rata allotment. mr. ahmad, an applicant for 120 shares, could not pay the allotment and call money and mr. basu, a holder of 200 shares, failed to pay the call. all these shares were forfeited. out of the forfeited shares, 150 shares ( the whole of mr. ahmad's shares