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 entries.

Answer 1

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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 entries

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Answer 2

The necessary Journal entries are prepared below:

Explanation:

Calculation of Number of Shares Alloted to Sonu

Shares applied by Sonu

$=Rs. 1,200$

Shares allotted to Sonu

$=\frac{50,000}{75,000} \times 1,200= Rs. 800$

Calculation of Amount Received on Allotment

Total allotment due on Sonu's Shares

$(800 \times R s .4)=3,200$

$[(1,200 \times Rs. 3)-(800 \times Rs. 3)]$

Excess application money from Sonu adjusted towards allotment

$=1,200$

Amount not received from Sonu

$=2,000$