Question

<b0
Tin Toy Limited offered for public subscription 10,000 equity shares of 10 each at a premium of
1 per share payable as *2 per share on application, 75 per share on allotment (including premium
and * 4 per share on first and final call. All shares were duly subscribed and the payments due om
each instalment received except in respect of 500 shares on first and final call. Journalise these
transactions and prepare Balance Sheet of Tin Toy Limited.
Ans. Calls in arrears * 2,000; Cash at Bank = 1,08,000; Balance Sheet Total 7 1,08,000)
im per share)​

Answer 1

Answer:

per share payable as *2 per share on application, 75 per share on allotment (including premium and * 4 per share on first

Answer 2

Explanation:

subscribed shares 10,000

face value 10 rs

premium 1 rs

application 2 rs

allotment 5 rs ( 4+1 ) including premium

first call 4 rs

calls in arrear - 500 shares on final call

journal entries and balance sheet shown above: