Question

Q. 18. X Ltd. was registered with an authorised capital of 2,00,000 shares of #10
each. It purchased assets of Y Ltd. for 33,00,000 and issued fully paid shares for
purchase consideration. It also invited applications for 1,20,000 shares payable as
under:
$2.50 on application
*2.50 on allotment
2 on first call and 3 on final call.
Amount due on Allotment and First Call was duly received. However, 33,58,800
were received on final call. Directors forfeited the shares of defaulting shareholders
and reissued them at 8.50 per share as fully paid up. Pass entries in the Cash Book
and Journal. Also prepare the opening Balance Sheet of the Company.
[Ans. Cash at Bank 212,02,200; Capital Reserve 2,200; Total of Balance Sheet
*15,02,200.]
Hint. Shares forfeited 400.​

Answer 1

Ans. Cash at Bank 212,02,200; Capital Reserve 2,200; Total of Balance Sheet

*15,02,200.]