Question

D
10. Novel Ltd. offered to the public 10,000 equity shares of 10 each at a premium of 2 per share payable
on application 2 ; on allotment (including premium) 4, on first call 3 and on second and final cal
3. Applications were received for 15,000 shares.
All applicants were placed under four categories and allotment was made as follows:
Category A-To applicants of 5,000 shares -- in full
B-To applicants of 6,000 shares-4,000 shares
” C-To applicants of 3,000 shares - 1,000 shares
D-To applicants of 1,000 shares --Nil
Except in the cases where applications were wholly rejected, excess application money was not to be
refunded but to be adjusted against moneys due on allotment and calls.
Ashis, an applicant under category B to whom 400 shares were allotted failed to pay the allotment
money and on his failure to pay the first call his shares were forfeited.
Biman, an applivant under om C to whom 300 shares were allotted failed to pay the two calls and
his shares were also forfeited.
500 of the shares thus forfeited were issued to Chitta as fully paid for 38 per share.
Chitta.
Lamam
Show the entries in the books of Novel Ltd. You are to assume that the whole of Ashis's shares issued to
ans.​

Answer 1

Answer:

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