Question

Prince Limited issued a prospectus inviting applications for 20,000 equity shares of ₹ 10 each at a premium of ₹ 3 per share payable as follows:
Applications were received for 30,000 shares and allotment was made on pro rata basis. Money overpaid on application s was adjusted to the amount due on allotment.
Mr. Mohit whom 400 shares were allotted, failed to pay the allotment money and the first call and his shares were forfeited after the first call. Mr. Joly, whom 600 shares were allotted failed to pay for the two calls and hence, his shares were forfeited.
Of the shares forfeited, 800 shares were reissued to Supriya as fully paid for ₹ 9 per share, the whole of Mr Mohit’s shares being included.

Answer 1

Answer:

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Answer 2

The necessary Journal entries are prepared below:

Explanation:

Calculation of unpaid amount on allotment by Mohit

Shares Applied by Mohit

$=\frac{30,000}{20,000} \times 400=600$

Calculation of Amount to be transferred to Capital Reserve

Amount forfeited on Mohit's 400 shares

$=(600 \times 2)= Rs. 1200$

Amount forfeited on Joly's 400 shares

$=(400 \times 4)=Rs. 1600$

Total Credit Balance in Share Forfeiture  - Rs. 2800

Less: Discount allowed on 800 shares reissued  - (Rs. 800)

Amount to be transferred to Capital Reserve = Total Credit Balance in Share Forfeiture  - Discount allowed on 800 shares reissued  

= Rs. 2800 - Rs. 800

= Rs. 2000

Amount to be transferred to Capital Reserve is Rs. 2000