Question

seema limited issued 40,000 equity shares of 10 each.payable as follows...on application =3,on allotment=2,on 1st call=2 and on second call=1 and the balance when required...on 30,000 shares full amount received ..on 5000 shares rs 7 per share ...on 3000 shares rs 5 per share ...and on 2000 shares rs 3 per share...the directors forfeited all those shares on which less than 7 was paid up ,3000 forfeited shares out of 2000 shares were reissued @ rs 8 each as fully paid up..pass entries​

Answer 1

Answer:

Date Particulars L.F. Debit (Rs.) Credit (Rs.) Bank A/c Dr. 24,00,000 To Share Application A/c 24,00,000 (Being application money received