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LoginNitro Paints Ltd., invited applications for issuing 1,60,000 equity shares of Rs. 10 each at a premium of Rs. 3 per share. The amount was payable as follows :
On application - Rs. 6 per share (including premium Rs. 1)
On allotment - Rs. 3 per share (including premium Rs. 1)
the balance - on first final call
Applications for 1,80,000 shares received. Applications for 10,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Over payment on application were adjusted towards sums due on allotment. All calls were made and were duly received except allotment and final call from Aditya who was allotted 3,200 shares. His shares were forfeited. Half of the forfeited shares were re-issued for Rs. 43,000 as fully paid up. Pass necessary journal entries for the above transactions in the books of Nitro Paints Ltd.
Class 12 Accounts in Class 12 3 years ago
Hint : SECURITIES Premium Reserve A/c will be debited from Rs. 6,400 at the time of forfeiture of shares.
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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