The Elite Company Ltd issued 60,000 Equity Shares of Rs.10 each at a premium of Rs.2 per share payable
as follows:
On application Rs.3
On allotment Rs.5 (including premium)
On first and final call Rs.4
All the Shares were subscribed and the money duly received except the first and final call money on
1,500 shares held by Mr. Munesh. These Shares were forfeited and only were re-issued to Mr.Naresh @
Rs.8 per share, as fully paid. Pass the necessary journal entries.
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Explanation:
Money received in Share application account - 4,50,000 (1,50,000 X 3)
Less: Money for share allotment - 3,00,000 (100000 X 3)
Less: money for shares rejected - 60,000 (20000 X 3)
__________
Excess money available 90,000
The amount of excess application money available for adjustment against allotment is Rs.90,000.
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