Illustration 12 + Dhyani Ceramic Limited issued 3,00.000 equity shares of * 10 each at a premium
+ 150 per share. Amount called up per share was as under:
To Capital reserve Ale
48.000
On application 74 (Including 70 for premium)
On allotment * 44 and (Including 40 for premium)
On final call 42 (Including 40 for premium)
Company received application for 3,00,000 shares. All amounts due were received ex
final call on 2000 shares held by Vishal. Company forfeited Vishal's shares after carrying
necessary formalities and reissued those shares to Avani as full paid up at 80 per share.
Paus necessary journal entries for above transaction in the books of company and also pre
securities premium account.
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