Question

The Directors of Super Star Ltd. invited applications for 2,00,000 Equity Shares of ₹ 10 each to be issued at 20% premium. The money payable per shares was: on application ₹ 5 , O allotment ₹ 4 (including premium of ₹ 2), first call ₹ 2 and final call ₹ 1.
Applications were received for 2,40,000 shares and allotment was made as:
(i) to applicants for 1,00,000 shares in – full,
(ii) to applicants for 80,000 shares – 60,000 shares,
(iii) to applicants for 60,000 shares – 40,000 shares.
Applicants of 1,000 shares falling in Category
(i) and applicants of 1,200 shares falling in Category
(ii) failed to pay allotment money. These shares were forfeited on failure to pay first call. Holders of 1,200 shares falling in Category
(iii) failed to pay the first and final call and these shares were forfeited after final call.
1,300 shares [1,000 of Category(i) and 300 of Category (ii)] were reissued at ₹ 8 per share as fully paid-up.
Journalise the above transactions. Prepare Cash book and Balance Sheet.

Answer 1

Finally, energy demand from hydropower is often high in the hot/summer season when crops are also thirstiest

Hope it's help

Mark as brainliest

Follow me

Answer 2

The necessary journal entries, Cash book and Balance Sheet are prepared below:

Explanation:

Applied Shares - 2,40,000

1,200 shares of Category (ii)

No. of share allotted

$=1,200 \times \frac{60,000}{80,000}=900\quad shares$

Capital Reserve

Calculation of Share Forfeiture of 1,000 shares of category (i)

Share Forfeiture Cr. - Rs. 5000

Less: Share Forfeiture Dr. - Rs. 2000

Capital Reserve of 1,000 shares Cr. (balance after re-issue)

= Rs. 5000 - Rs. 2000 = Rs. 3000

Calculation of Share Forfeiture of 300 shares of category (ii)

Share Forfeiture Cr.

$=\frac{6,000}{9,000}$

= Rs. 6.67

Less: Share forfeiture Dr. = Rs. 2

Capital Reserve of 1,000 shares (balance after re-issue)  

= Rs. 6.67- Rs, 2 = Rs. 4.67

Capital Reserve of 300 shares = Capital Reserve (per share) $\times$ Number of Shares re-issued

$=R s .4 .67 \times 300=R s .1,400$

Capital Reserve of 1,000 shares of category ( i )  - Rs. 3,000

Add: Capital Reserve of 300 shares of Category (ii) - Rs. 1400

Total Capital Reserve of 1,300 shares

=Rs. 3000 + Rs. 1400= Rs. 4,400

Total Capital Reserve of 1,300 shares is Rs. 4400