Joint stock company

Save Share

This query is : Resolved

rahul kalokhe (Querist)
Follow

04 April 2012 Adarsh Ltd., was formed with an authorized capital of
Rs. 30,00,000 divided into equity shares of Rs. 10/- each. The company
invited applications for 2,00,000 equity shares of Rs. 10/- each at a
premium of 20%. The money was payable as follows:
On application Rs. 5/-, on allotment Rs. 4/- (including premium of Rs. 2/-)
Rs. 2/- on first call and rest on the final call.
Applications were received for 2,40,000 shares and allotment was made
as under:
(a) To applicants for 1,00,000 shares in full;
(b) To applicants for 80,000 shares—60,000 shares were allotted;
(c) To the applicants for 60,000 shares, the rest of the shares were
allotted.
Applicants for 1,000 shares in the (a) category and applicants for
1,200 shares falling in category (b) failed to pay the allotment monies.
These shares were forfeited on their failure to pay the first call. Holders
of 1,200 shares in category (c) failed to pay the first and final call and
these shares were also forfeited after the final call. Of the shares forfeited
1,300 shares were re-issued @ of Rs. 8/- per share as fully paid up. The
re-issued shared included 1,000 shares of category (a).
Journalise the above transactions and also show the Cash Book.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
Follow

05 April 2012 Please join one Accountancy Class.
.
If someone will write about all the accounting entries; still it would not be possible for you to complete the accounting of companies.
.
or
.
give the work to an Accountant.

Message likes : 1 times