im not able to tally d b/s fr dis problem....can ny one provide me d solution
Varun ltd. registered with a nominal capital of Rs.20,00,000 in equity shares of Rs.100 each. 10,000 shares were issued to the public at premium of Rs.20 per share, payable as to Rs.20 on application, Rs.45 on allotment including premium, Rs.25 at first call and the balance on final call.Applications were recieved for 13,000 shares and allotment was made pro-rata to the applicants of 12000 shares. Money over paid on application was employed on account of sums due on allotment. Sudhir holding 200 shares paid the whole of the amount due on first call along with the allotment but failed to pay final call. Pradeep holding 300 shares failed to pay the two calls and Joshi holding 400 shares failed to pay the final call.
All these shares were forfeited after the final call. Of the shares forfeited, 200 shares belonging to Pradeep and 200 shares belonging to Joshi were sold to Rajesh as fully paid for Rs.90 per share.
CAclubindia
