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LoginA Ltd.invited applications for issuing 1,00,000 shares of Rs. 10 each at a premium of Rs. 1 per share. The amount was payable as follows :
{:("On Application","Rs. 3 per share"),("On Allotment","Rs. 3 per share (including premium)"),("On First Call","Rs. 3 per share"),("On Second and Final Call","Balance Amount"):}
Applications for 1 ,60,000 shares were received. Allotment was made on the following basis :
(i) To Applicants for 90,000 shares : 40,000 shares
(ii) To Applicants for 50,000 shares : 40,000 shares
(iii) To Applicants for 20,000 shares : full shares
Excess money paid on applied for 1,500 shares and belonged to category (ii), did not pay allotment, first and second and final call money.
Another shareholder, Sudha, who applied for 1,800 shares and belonged to category (i), did not pay the first and second and final call money.
All the shares of Rishabh and Sudha were forfeited and were subsequently re-issued at Rs. 7per share fully paid.
Pass the necessary journal entries in the books of A Ltd. Open Calls-in-Arrears Account and Calls-in-Advance Account wherever required.
Class 12 Accounts in Class 12 3 years ago
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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