Question

pulsory
Q. 1. PQR Ltd. invited applications for the issue of 1,00,000 equity
shares of 10 each payable * 4 on application, * 5 (including 73 as
security premium) on allotment, * 2 on first call and 2 on second and
final call. The prospectus provided that, in case of partial allotments
money received in excess on application would be adjusted towards
the amount due on allotment. The company received applications for
2,50,000 shares, out of which applications for 50,000 shares were rejected
outright and other applicants were allotted shares on pro-rata basis,
Mr. Amar, to whom 1,000 shares were allotted failed to pay the
allotment money and on his subsequent failure to pay the first call, his
shares were forfeited. Mr. Akbar, the holder of 500 shares, failed to pay
both the calls and his shares were forfeited after the second call.
Of the shares forfeited, 1,200 shares were re-issued to Mr. Anthony,
credited as fully paid-up for 9 per share, the whole of Mr. Amar's
shares being included.
Pass the necessary journal entries to give effect to above and
prepare
Bank A/c, Shares Forfeited A/c and Balance Sheet of the company.​

Answer 1

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