Question

Journalise the following transactions in the books Bhushan Oil Ltd.:
(a) 200 shares of 100 each issued at a premium of 10 were forfeited for the
non-payment of allotment money of 60 per share. The first and final call of
20 per share on these shares were not made. The forfeited shares were
reissued at 70 per share as fully paid-up.
(b) 150 shares of 10 each issued at a premium of 4 per share payable
with allotment were forfeited for non-payment of allotment money of 8 per
share including premium. The first and final calls of 4 per share were not
made. The forfeited shares were reissued at 15 per share fully paid-up.
(c) 400 shares of 50 each issued at par were forfeited for non-payment of final call
of 10 per share. These shares were reissued at rs.45 per share fully paid-up.​

Answer 1

Answer:

(Both Classes of Shares/Cash Book) Y Ltd. was formed with an authorised capital

* 40,00.000 divided into 3,00,000 equity shares of 10 each and 10,000 Preference shares

* 100 each. Both classes of shares were issued to the public in full and they are to be pa

Preference shar

follows:

Equity shares

Application

20 percent

Allotment

30 percent

First call

50 percent

Second call

All the calls were made and in due course the money were received in full. Give

necessary journal entries and prepare Cash Book.

25 perc

25 perc

25 perc

25 perc