Question

M Limited invited applications for 1.000 shares of ? 100 each at 120, payable as to 55
including premium) on application, 40 on allotment, and the balance by way of call.
Applications for 1,200 shares were received. The Board of Directors allotted ) in full
to applicants for 700 shares, and (ii) the balance of the shares pro-rata to the remaining
applicants
The Board also utilised the excess application money, if any, towards the allotment
X to whom 60 shares were allotted on pro-rata basis, failed to pay the allotment and
wall moneys. After complying with the necessary procedures, his shares were forfeited.
These were subsequently reissued at 110 each
Show the necessary Ledger Accounts to record the above.
TAmount transferred to Capital Reserve Ale 4,300 : Cash Balance 1,24,900).​

Answer 1

Answer:

ANSWER:

Gopal Ltd.

Balance Sheet

Particulars

Note No.

Amount

(Rs)

I. Equity and Liabilities

1. Shareholders’ Funds

a. Share Capital

1

44,99,000

2. Non-Current Liabilities

3. Current Liabilities

Total

44,99,000

II. Assets

1. Non-Current Assets

2. Current Assets

a. Cash and Cash Equivalents

2

44,99,000

Total

44,99,000