Question

R Ltd has been registered with an authorized capital of Rs2,00,000 divided
into 2000 shares of Rs100 each of which 1000 shares were offered for
public subscription at a premium of Rs50 per share payable as under:
Application-Rs30; Allotment Rs 70(including premium); First call Rs20; final
call Rs30. Final call is not yet made . Applications were received for 2000
shares of which application for 500 shares were rejected. The rest of the
applications were allotted 1000 shares on pro-rata basis. Excess application
money was transferred to share allotment account.
All money were duly received except from Mohan , holder of 200 shares,
who failed to pay allotment money and first call money. His shares were
later on forfeited and re issued to Hari at Rs60 per share as Rs70 paid up.Final call is not yet made. Record journal entries.

Answer 1

Pls make ur notes after the solution my working notes is in between the solution because i thought the solution will not take that much space.

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