Question

Q. 64. Piyush Ltd. invited applications for issuing 1,00,000 shares of rs 10 each
payable as follows:
4- per share on application
2- per share on allotment
Balance on first and final call.
Applications were received for 1,60,000 shares. Full allotment was made to the
applicants of 10,000 shares. The remaining applicants were allotted 90,000 shares on
pro-rata basis. Excess money received with application was adjusted towards sums due
on allotment and call.
Kanika, holding 6,000 shares, who belonged to the category of applicants to whom
full allotment was made, paid the call money at the time of allotment. Ruchi, who
belonged to the category of applicants to whom shares were allotted on pro-rata basis
did not pay anything after application on her 600 shares. Ruchi's shares were forfeited
after the first and final call. These shares were later reissued at 9 per share fully paid
up.
Pass the necessary journal entries for the above transactions by opening calls in
arrears and calls in advance account wherever necessary.
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Answer 1

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