Query

Hi

Please help me to solve this question.

D. Ltd. issued 2,00,000 shares of Rs. 100 each at a premium of Rs. 20 per share payable as follows:

On application : Rs. 20

On allotment : Rs. 50 ( including premium )

On first call : Rs. 30

On second and final call : Rs. 20

Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on aplication was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were alloted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E's forfeited shares being reissued.

Q Application money adjusted against allotment = ?

Q Net balance in Share Capital account = ?

Q Net balance in Securities Premium account =?

Q Net balance in Share Forfeited Account = ?

Q Net balance in Capital Reserve Account = ? 

Replies (4)

Hi,

I am Shaifaly Tyagi. I am doing my ICWAI along working with BHEL. I am finding it very difficult to concentrate on my studies. Please suggest me how i can pass my Exams. Also how to increase my concentration power.

Regards,
Shaifaly Tyagi

 
Hello Sir, please prefer me a best self study book of Advanced Account for C.A. final exam which cover all the chapter as well as contains simple language. Thanking You

i can answer your q. but please first clear myself that if company has issued 2 lac shares how can it make an alottment of 2.4 Lac???? is it possible????

Company issues 2,00,000 equity shares but subscripttion is received for 3,00,000 shares so company decides to allot only 2,40,000 shares out of 3,00,000 shares. So company refunds back money received on 60,000 shares. Company allot shares on pro-rata basis i.e. company makes allotment in the ratio of 6:5. If someone has applied for 600 shares then he will be alloted 500 shares only.

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