Question

Illustration 36 Rhodes Ltd. issued 35,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share payable On application Rs. 3 On allotment Rs. 5 (including premium) and the balance on call. Applications were received for 67,200 shares and it was decided to make allotment as follows: Applicants for 17,300 shares (in respect of application for 1,000 shares de more) received 6,100 shares. Applicants for 30,700 shares (in respect of applications for 500 or more but less than 1,000) received 16,100 shares. Applicants for 19,200 shares (in respect of applications for less than 500) received the remaining shares pro-rata. Cash thus received after satisfying amount due on application was applied towards allotment and the balance was returned. Mr. Kather, an applicant for 150 shares to whom pro-rata allotment was made failed to pay the allotment money. Mr. Dravid who was allotted 50 shares also on pro-rata basis failed to pay the call money. All these shares were forfeited after the call and subsequently reissued to Mr. Hooper as fully paid at Rs. 7.50 per share. Give journal entries including those relating to cash to record the above transactions. ​

Answer 1

Answer:

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