Chand Ltd. invited applications for issuing 1,00,000 equity shares of \rupee 10 each at a premium of \rupee 2 per share. The amount per share was payable as follows: \rupee 4 (including premium) on application, \rupee 5 on allotment, and balance on first and final call. Applications were received for 1,80,000 shares of which applications for 30,000 shares were rejected, and remaining applicants were allotted shares on a pro-rata basis. Mansi, holding 5,000 shares, failed to pay first and final call money, and her shares were forfeited. Pass necessary Journal entries for the above transactions in the books of the company.
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Solution and Explanation
2023-04-01 & Bank A/c & 7,20,000 &
& To Share Application A/c & & 7,20,000
2023-04-01 & Share Application A/c & 7,20,000 &
& To Share Capital A/c & & 4,00,000
& To Securities Premium A/c & & 2,00,000
& To Share Allotment A/c & & 1,20,000
2023-04-01 & Bank A/c & 5,00,000 &
& To Share Allotment A/c & & 5,00,000
2023-04-01 & Share First and Final Call A/c & 1,00,000 &
& To Share Capital A/c & & 1,00,000
2023-04-01 & Bank A/c & 95,000 &
& Calls in Arrears A/c & 5,000 &
& To Share First and Final Call A/c & & 1,00,000
2023-04-01 & Share Capital A/c (5,000 \times \rupee 10) & 50,000 &
& To Share Forfeiture A/c & & 45,000
& To Calls in Arrears A/c & & 5,000
\end{array} \]
Top Questions on Shares
Alexia Limited invited applications for issuing 1,00,000 equity shares of ₹ 10 each at premium of ₹ 10 per share.
The amount was payable as follows:- On application ₹ 9 per share (Including premium ₹ 6 per share)
- On allotment ₹ 8 per share (Including premium ₹ 4 per share)
- On first and final call ₹ 3 per share.
Applications were received for 1,50,000 equity shares and allotment was made to the applicants as follows:
Category A: Applicants for 90,000 shares were allotted 70,000 shares.
Category B: Applicants for 60,000 shares were allotted 30,000 shares.
Excess money received on application was adjusted towards allotment and first and final call.
Shekhar, who had applied for 1200 shares failed to pay the first and final call. Shekhar belonged to category B.
Pass necessary journal entries for the above transactions in the books of Alexia Limited. Open calls in arrears and calls in advance account, wherever necessary.- Ajay Ltd. forfeited 100 shares of Rs 10 each for non-payment of first call of Rs 1 per share and second and final call of Rs 3 per share. The minimum price per share at which these shares can be reissued will be:
- Read the passage given below and answer the questions: Q5 to Q9.
Ram Motors Ltd. invited applications on 3,000 Equity Shares of ₹100 each at a premium of ₹20. For application ₹50 (including premium), on allotment ₹50, and on final call ₹20. Total applications received were 4,000 and allotted on pro-rata basis. Excess application money adjusted towards allotment. - 600 shares of ₹10 each were issued at 20% premium. Final call of ₹3 not received on 100 shares. What is the forfeiture amount?
According to Securities and Exchange Board of India (SEBI), guidelines, minimum subscription of capital cannot be less than 90% of .......
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