Question

ABC Ltd. invited applications for 15,000 shares of Rs. 100 each, issued at Rs.

120 payable as follows:

On application, on 1st July, Rs. 50 per share

On allotment, on 31st July, Rs. 40 per share (including premium)

On 1st call, on 31st August, Rs. 15 per share

On 2nd and Final Call, on 30th September, Rs. 15 per share

Applications were received for 18,000 shares and it was decided to deal as per the

directives of stock exchange, which is as follows:

(a) To give full allotment to applicants for 2,500 shares

(b) To refuse allotment to applicants of 500 shares

(c) To allot the remaining shares on pro-rata basis among other applicants

(d) To utilize the surplus received on application in part payment of amount

due on allotment and calls.

All amounts were duly received except an applicant, Mr. Z to whom 40 shares

were allotted, failed to pay the amount due on 2nd and Final Call. His shares were

forfeited on 30th November. These shares were re-issued on 10th December as

fully paid @ Rs. 90 per share.

Give Journal Entries including those relating to cash/bank to record the above

transactions​

Answer 1

Answer:

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Answer 2

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