A Ltd. Invited applications for 10,000 shares of Rs.100 each at a discount of 5%
payable as follows:
On application - Rs.25
On allotment - Rs.34
On first & final call - Rs.36
Applications were received for 9,000 shares and all of these were accepted. All
moneys due were received except the first and final call on 100 shares which were
forfeited. Of the forfeited shares, 50 shares were reissued at the rate of Rs.90 as fully
paid. Show necessary journal entries in the book of the company
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A Ltd. Invited applications for 10,000 shares of Rs.100 each at a discount of 5% payable as follows: On application - Rs.25 On allotment - Rs.34 On first & final call - Rs.36 Applications were received for 9,000 shares and all of these were accepted. All moneys due were received except the first and final call on 100 shares which were forfeited. Of the forfeited shares, 50 shares were reissued at the rate of Rs.90 as fully paid. Show necessary journal entries in the book of the company.
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