Question

Accountancy

Mind tree Ltd issued a prospectus offering 10,000 Equity shares of ₹20 each payable as follows:
₹
on Application - 3
on allotment - 6
on first call - 6
on final call - 5
Applications were received or 13,000 shares. The excess applications were rejected and money were refunded.Application for ₹10,000 shares were accepted and all moneys due on allotment, first and final calls were received except the final call on 400 shares. These shares were forfeited and 300 of these were subsequently reissued at ₹ 18 share, fully paid up.
Make the journal Entries and show the Balance sheet.

(Ans: Capital Reserve ₹ 3,900)

Answer 1

Applications were received or 13,000 shares. The excess applications were rejected and money were refunded.Application for ₹10,000 shares were accepted and all moneys due on allotment, first and final calls were received except the final call on 400 shares. These shares were forfeited and 300 of these were subsequently reissued at ₹ 18 share, fully paid up.

Make the journal Entries and show the Balance sheet.

(Ans: Capital Reserve ₹ 3,900)

Answer 2

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