Question

Chapter 8. Company Accounts-Accounting for Share Capital 8.123
3. Saregama Ltd. invited applications for issuing 80,000 equity shares of 100 each at a premium of 10. The
amount was payable as follows:
* 30
On Application
On Allotment
30 (including a premium of 10)
On First Call
30
On Final Call
Balance
Applications of 1,20,000 shares were received. Allotment was made on pro rata basis to all applicants
Excess money received on application was adjusted on sums due on allotment. Dhwani, who was allotted
1,600 shares, failed to pay allotment money and Sargam who applied for 6,000 shares did not pay first cal
money. These shares were forfeited immediately after first call. 2,000 of these shares (including all shares
of Dhwani were issued to Tarang for 95 per share as 80 paid-up. Pass necessary Journal entries in books
of Saregama Ltd. by opening Calls-in-Arrear and Calls-in-Advance Accounts, if final call has not been made
(CBSE Sample Paper 2019
Jeevan Dhara Ltd. invited applications for issuing 1,20,000 equity shares of 10 each at a premium o
*2 per share. The amount was payable as follows:
On application
*2 per share,
On allotment
5 per share (Including premium)
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Answer 1

Answer:

Chapter 8. Company Accounts-Accounting for Share Capital 8.123

3. Saregama Ltd. invited applications for issuing 80,000 equity shares of 100 each at a premium of 10. The

amount was payable as follows:

* 30

On Application

On Allotment

30 (including a premium of 10)

On First Call

30

On Final Call

Balance

Applications of 1,20,000 shares were received. Allotment was made on pro rata basis to all applicants

Excess money received on application was adjusted on sums due on allotment. Dhwani, who was allotted

1,600 shares, failed to pay allotment money and Sargam who applied for 6,000 shares did not pay first cal

money. These shares were forfeited immediately