A company issued 4,000 equity shares of Rs. 10 each at par payable as under : On application Rs. 3, on allotment Rs. 2, on first call Rs. 4 and on final call Rs. 1 per share. Applications were recived for 10,000 shares. Allotment was made pro-rata. How much amount will be recived in cash on allotment ?

A company issued 4,000 equity shares of Rs. 10 each at par payable as under : On application Rs. 3, on allotment Rs. 2, on first call Rs. 4 and on final call Rs. 1 per share. Applications were recived for 13,000 shares. Applications for 3,000 shares were rejected and pro-rata allotment was made to the applicants for 10,000 shares. How much amount will be recieved in cash on first call ? Excess application money is adjusted towards amount due on allotment and calls.

X Ltd. issued for Public subscription 40,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share payable as under, on application Rs. 4 per share, on allotment Rs. 5 per share (including premium) and on call Rs. 3 per share. Applications were received for 60,000 shares. Allotment was made pro-rata to the applicants for 48,000 shares, the remaning applications being refused. Money overpaid on application was utilised towards sums due on allotment. Shri Manoj, to whom 1,500 shares were allotted, failed to pay the allotment and call money and Shri Hussain to whom 2,000 shares were allotted failed to pay the call money. These shres were subsequently forfeited. All the forfeited shares were sold to Shri Banerjee as fully paid up at Rs. 8 per share. show the journal entries to record the above transactions.

(Issue of Shares at Par, Undersubscription). Sarvottam Ltd. invited applications for 40,000 Equity Shares of Rs. 10 each. The amount was payable as follows: on application Rs. 3 per share, on allotment Rs. 4 per share and on first and final call Rs. 3 per share. Applications were received for 37,500 shares and allotment was made to all. Ashok to whom 1,000 shares were allotted failed to pay the allotment money and also first and final call. Sohan who had applied for 500 shares failed to pay the first and final call. Pass necessary Journal entries to record the above transactions.

(Forfeiture of Shares Allotted on Pro rata). A company issued 10,000 shares of Rs.10 each payable as Rs. 2 on application, Rs. 3 on allotment, Rs. 3 on first call and Rs. 2 on second and final call. Applications were received for 15,000 shares. The shares were allotted on a pro rata basis to the applicants of 12,000 shares. All shareholders paid the allotment money except one shareholder who was allotted 200 shares. These shares were forfeited. The first call was made thereafter. The forfeited shares were reissued @ Rs. 9 per share as Rs. 8 paid-up after first call. The second and final call was not yet made. You are required to prepare Cash Book and pass Journal entries.

(Comprehensive Illustration). A company invited applications for 50,000 Equity Shares of Rs. 10 each payable as follows: On application Rs. 3, on allotment Rs. 3, on first and final call Rs. 4. Applications were received for 1,10,000 shares. It was decided (i) to refuse allotment to the applicants for 10,000 shares, (ii) to allot 50% to Mr. X who has applied for 20,000 shares, (iii) to allot in full to Mr. Y who has applied for 10,000 shares, (iv) to allot balance of the available shares on pro rata basis among the other applicants, and (v) to utilise excess application money in part payment of allotment and final call. Pass Journal entries till the stage of allotment assuming that the total amount due on allotment is received.

Bharat Ltd. invited applications for issuing 2,00,000 Equity Shares of Rs. 10 each. The amount was payable as: On application Rs. 3 per share, on allotment Rs. 5 per share and on first and final call Rs. 2 per share. Applications for 3,00,000 shares were received and pro rata allotment was made to all the applicants of the following basis: Applicants for 2,00,000 shares were allotted 1,50,000 shares on pro rata basis. Applicants for 1,00,000 shares were allotted 50,000 shares on pro rata basis. Bajaj, who was allotted 3,000 shares out of group applying for 2,00,000 shares failed to pay the allotment money. His shares were forfeited immediately after allotment. Sharma, who had applied for 2,000 shares out of the group applying for 1,00,000 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares 3,500 shares were reissued as fully paid-up @ Rs. 8 per share. The reissued shares included all the forfeited shares of Bajaj. Give necessary Journal entries to record the above transactions.

(Issue of Shares at Par, Oversubscription and Pro rata Allotment). Kirloskar Ltd. issued 20,000 shares of Rs. 10 each, payable Rs. 4 on application, Rs. 3 on allotment and Rs. 3 on first and final call. Applications were received for 25,000 shares. The company decided to allot 20,000 shares on pro rata basis and surplus of application money was utilised for allotment money due. Pass Journal entries assuming that the amounts due were received. Also, show share capital in the Balance Sheet of the company.

AB Ltd. invited applications for 1,00,000 Equity Shares of Rs. 10 each, payable as Rs. 2 on application, Rs. 3 on allotment and the balance on first and final call. Applications were received for 3,00,000 shares and the shares were allotted on a pro-rata basis. The excess application money was to be adjusted against allotment only. M, a shareholder, who had applied for 3,000 shares, failed to pay the call money and his shares were accordingly forfeited and reissued at Rs. 8 per share as fully paid.