Question

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Q. 48. A Co. Ltd. offered to the public 20,000 equity shares of 5100 each
premium of 10 per share. The payment was to be as follows :
On Application
*30
per
share
On Allotment
30 per share (including premium)
On First Call
* share
On Second & Final Call 25
per
share
Applications were received for 35,000 shares. Applications for 10,000 shares
rejected. Applicants for 15,000 shares were allotted 10,000 shares and remai
applications were accepted in full. The Directors made both the calls. One shareho
holding 500 shares failed to pay the two calls and as a consequence his shares
forfeited. 200 of these shares were re-issued as fully paid at 80 per
share.
Expenses of issue came to 10,000.
Prepare Cash Book and Journal on the basis of information given above.
[Ans. Cash at Bank 321,81,000; Balance of Securities Premium Reserve
31,90,000; Balance of Share Forfeiture A/c 15,000; Capital Reserve 6,000.]
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Answer 1

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