Question

Q.116. Ganesh Ltd. issued a prospectus inviting applications for 20,000 shares of
F10 each at a premium of 34 per share, payable as follows:
On Application
34 (including premium 1)
On Allotment
3 (including premium 1)
On First Call
33 (including premium 1)
On Second and Final Call 34 (including premium 1)
Applications were received for 30,000 shares and pro-rata allotment was made on
the applications for 24,000 shares. It was decided to utilise excess application money
towards the sums due on allotment.
X, who was allotted 500 shares, failed to pay the allotment money and on his
subsequent failure to pay the first call, his share were forfeited.
Y, who applied for 1,800 shares, failed to pay the two calls and his shares were
forfeited after the second call.
Of the shares forfeited, 1,700 shares were re-issued as fully paid up for 38 per
share, the whole of Y's shares being included.
Prepare Cash Book, Journal and Balance Sheet.​

Answer 1

Answer:

first call :-8000

second call share 1,800and1,700=3500

therefore X =8000 n Y =3500

Answer 2

Explanation:

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