Question

Amrit Ltd. issued 50,000 shares of 10 each at a premium of 2 per share payable as 3 on application,
*4 on allotment (including premium), 2 on first call and the remaining on second call.
Applications were received for 75,000 shares and pro rata allotment was made to all the applicants.
All moneys due were received except allotment and first call from Sonu who applied for 1,200 shares.
All his shares were forfeited. The forfeited shares were reissued for 9,600. Final call was not made. Pass
necessary journal entrie​

Answer 1

Answer:

Explanation:

all moneys due were received except allotment and first call from Sonu who applied for 1,200 shares.

All his shares were forfeited. The forfeited shares were reissued for 9,600.

Answer 2

Total  number of shares sonu applied= 1200

Total number of shares sonu got  = 50000/75000 X 1200

                                                       = 800

Total amount Sonu got = 800X 4 = 3200

Excess application amount adjusted = 1200

Amount not recieved to sonu           = 3200-1200 = 2000

Total amount recieved on allotment of 50000 shares = 200000

Money adjusted                                                               = 75000

Amount not got on allotment                                          = 2000

Total value recieved                                                         =  123000