Question

Akash Ltd. invited applications for 5,00,000 shares of rs 10 each at a premium of 2 per share. The amount was called as follows: – On Application : 3 per share - On Allotment: 5 per share (including premium) -On First Call : 2 per share On Second and Final Call : 2 per share Applications were received for 2.00,000 shares. Vinay, a shareholder of 1000 shares failed to pay the allotment money and Raj, a shareholder of 2000 shares paid the whole amount of money at the time of allotment only. The company immediately forfeited Vinay's shares and out of the forfeited shares, 800 shares were reissued at 7 per share as fully paid up. After that, calls were made​

Answer 1

Answer:

amount received on allotment is ₹1003000 & amount of share forfeiture shows in balance sheet is ₹600