On 1st June, 2017, Suraj Ltd. issued 86,000 shares of Rs. 100 each payable as follows:Rs. 20 on application;Rs. 20 on allotment;First call of Rs. 30 on 1st Dec, 2017; andSecond and final call of Rs. 30 on 1st March, 2018.By 20th July, 80,000 shares were applied for and all applications were accepted. Allotment wasmade on 1st Aug. All sums due on allotment were received on 15th Sept; those on 1st call werereceived on 20th Dec.You are required to journalise the transactions when accounts were closed on 31st March, 2018.
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each at 11 per share. money was payable as follows: 3 on application, 4 allotment ( including premium) , 4 on first and final call. applications were received for 12000 shares and the directors made pro-rata allotment. mr. ahmad, an applicant for 120 shares, could not pay the allotment and call money and mr. basu, a holder of 200 shares, failed to pay the call. all these shares were forfeited. out of the forfeited shares, 150 shares ( the whole of mr. ahmad's shares
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