Question

Gaurav applied for 5,000 shares of ₹ 10 each at a premium of 2.50 per share. But he was allotted only 2,500 shares on pro rata basis. After having paid ₹ 3 per share on application, he did not pay allotment money of ₹ 4.50 per share (including premium) and on his subsequent failure to pay the first call of ₹ 2 per share, his shares were forfeited. These shares were reissued at the rate of ₹ 8 per share credited as fully paid.
Pass journal entries to record the forfeiture and reissue of shares.

Answer 1

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But he was allotted only 2500 shares on pro rata basis. After having paid Rs. 3 per share on application, he did not pay allotment money of Rs. 4.50 p

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Answer 2

Amount unpaid on the application = 3,750

Explanation:

Calculation of the amount paid on the allotment

Amount recevied =3×5000 = 15,000.

Amount adjusted on the application = 7,500

Amount recevied on the application = 7,500

Amount due on application(2,500×4.5) = 11,250

Amount recevied on the application = 7,500

Amount unpaid = 3,750