Question

account of partners.
Q.17- SRCC Ltd. Offered 40000 shares of 10 each at 20% premium payable as
follows:-
On Application 6 ( including 1 Premium) and Balance on allotment.
Public has applied for 65000 shares. Shares were allotted on pro-rate to the
applicants of 50000 shares. Money overpaid application was employed on
account of sun due on allotment All the shareholders have paid the amount up
to allotment except Mohan, the allottee of 8000 shares. His shares were forfeited
40% of the forfeited shares were reissued at 11 per share as fully paid up. 8
Or
Windfall & storm Ltd. Issued applications for 10,000 equity shares of 10 each,
at a premium of 4 per share. The amount was Payable as follows:-
On application 6 ( including 3 2 Premium), on Allotment * 6( including 32
Premium), Balance on First & Final call. A application for 150000 shares were
received. Allotment was made to all the applicants on pro-rate basis. Subodh to
whom 200 shares were allotted, failed to pay allotment and call money. Vikram
to whom 100 shares were allotted failed to pay the call money.These shares
were forfeited and after wards re-issued @ 78 per share fully paid -up pass the
8
necessary Journal entries.​

Answer 1

this soln if benefitted then i feel so anxious