Question

(OD
are. The amo
85. Janta Ltd. issued applications for 5,00,000 equity shares of # 10 each, at a premium of 4 per share. The
amount was payable as follows:
On application 6 (including *2 premium), on Allotment *6 (including *2 premium) and Balance on first
and final call.
Applications for 7,50,000 shares were received. Allotment was made to all the applicants on pro rata
basis. Mohan to whom 1,000 shares were allotted did not pay allotment and call money. Vikram to whom
500 shares were allotted, did not pay the call money. These shares were forfeited and afterwards reissued
@8 per share fully paid-up. Pass the necessary Journal entries.

Answer 1

Answer:

(OD Janta Ltd. issued applications for 5,00,000 equity shares of * 10 ... amount was payable as follows: On application 6 (including *2 premium), on Allotment 6 ...

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