Question

posting in a LEDGER
Prepare Ramesh account from the following:
1/1/12-Amount due to Ramesh Rs.4,500
5/1/12-Cash purchases from Ramesh Rs.1,000
10/1/12-goods bought from Ramesh Rs.2,000
15/1/12-Goods returned to Ramesh Rs.200
20/1/12-Cash paid to Ramesh Rs.2,000
25/1/12-Purchased goods on cash from Ramesh Rs.2,000
28/1/12-Bought goods from Ramesh on credit Rs.1,000
​

Answer 1

Explanation:

17. Doller Ltd. Issued a prospectus inviting application for 1,00,000 shares of 3 10 each 32 on application: 5

4 on allotment; 4 on First and Final Call. Application were received for 1,20,000 shares. Allotment Was

made as under:

a. To applicants for 20,000 shares → in full.

b. To applicants for 40,000 shares → 30,000 shares.

c. To applicants for 60,000 shares → 50,000 shares.

The shares were fully called and paid up except amounts on allotment and call, not paid by those

who applied for 2,000 shares out of the group applying for 40,000 shares. These shares were forfeited by the

directors and 1,200 shares of them were re-issued @ 57 per share. Show the Journal entries in the books of

the company

(8)