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LoginA company issued 10,000 shares of Rs. 10 each at as premium of Rs. 1 per per share, payment to be made as follows :
{:(,"Rs."),("On Application",3),("On Allotment","4 (including premium)"),("On First call",2),("On Second and final call",2):}
Applications were received for 20,000 shares. Applications for 5,000 shares were rejected and allotment was made proportionately to the remaining applicants. The directors made both the calls and all the money were received , except the allotment, first call and final call on 400 shares, which were subsequently forfeited. Later, 300 of the forfeited sharesd were re-issued as fully paid @ Rs. 15 per share. Give journal entriesto record the above.
Class 12 Accounts in Class 12 3 years ago
Hint : Securities Premium Reserve Account has been debited in the entry of forfeiture because it is assumed that ENTIRE excess application money received on FORFEITED SHARES is utlised for share capital.
Posted on 04 Dec 2021, this text provides information on Class 12 related to Accounts in Class 12. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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