Hi frnds,
I have some problem in following sums. please help me to solve the question. As answers are given but i am not able to solve this. please help me with proper steps.
1. A company issued 10000 shares of Rs. 10each. Total applications were for 12000 shares; allotment was made pro-rata. Application money was Rs. 2per share and allotment money Rs. 3per share. Rao failed to pay the allotment money on his 300 shares. How much is due from Rao for allotment? [ANS: Rs. 780]
2. S Ltd. had issued equity shares of Rs. 10, issued at premium of Rs. 2, for nonpayment of the final call of Rs. 3. Of these 100 shares were re-issued @ Rs. 11 per share. How much is transferred to capital reserve? [ANS: Rs. 700]
3. E Ltd had allotted 10000 shares to applicants for 14000 shares on pro rata basis. The amount payable was Rs. 2 on application, Rs. 5 on allotment (including premium of Rs. 2 each), Rs. 3on first call and Rs. 2 on final call. Vazir failed to pay the first call and final call on his 300 shares. All the shares were forfeited and out of these 200 shares were reissued @ Rs. 9per share. What is the amount credited to capital Reserve? [ANS: Shares Forfeited A/c Rs. 370 (Cr)Capital Reserve A/c Rs. 1050 (Cr)]