Apex co ltd invested application for 5000 equity shares of rs100each at 10%premium payable as under on application Rs20 on allotment rs50 on first and final call rs40 application were received for 15000 shares .The allotment was made as follow to the application of 9000shares nil.to the application of 4000shares full. To the application of remaining share pro-rata basis .it was
Answers
Explanation:
Sr.no PARTICULARS DEBIT CREDIT
1 Bank A/C Dr. 3,00,000
To share app. A/C 3,00,000
(15,000×20 = 3,00,000)
2 Share app. A/C Dr. 3,00,000
To Share capital A/C (5000×20) 1,00,000
To Share allot. A/C (1000×20) 20,000
To Bank A/C (9000×20) 1,80,000
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W.N. 1) Share capital Amount on Application:
4000 × 20 = 80000 (full)
1000 × 20 = 20000 (pro - rata 2:1)
1,00,000
2) Excess Fund received on Application :
1000 × 20 = 20000
(Adjusted in Allotment)
3) Amount refunded :
9000 × 20 = 1,80,000 (Bank)
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3 Share Allotment A/C Dr . 2,50,000
To Share capital A/C 2,00,000
To Security Prem A/C 50,000
4 Bank A/C Dr. 2,30,000
To Share Allot . A/C 2,30,000
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W.N. 1) Amount Due on Allotment = 2,50,000
( 5000 × 40 ) (5000 × 10 )
- Amount adjusted on App. = (20,000)
2,30,000
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5 Share Final call A/C Dr. 2,00,000
To share capital A/C 2,00,000
( 5000 × 40 )
6 Bank A/C Dr. 2,00,000
To share final call A/C 2,00,000