Call In Arrears

Anishka Ltd. Invited applications for 2,00,000 equity shares of Rs. 10 each at a premium of Rs. 4 per share. The amount was payable as follows : On Application - Rs. 6 (including premium Rs. 2) On Allotment - Rs. 7 (including premium Rs. 2) Balance on first and final call. Applications for 3,00,000 shares were received. Allotment was made to all the applicants on pro-rata basis. Mehak, to whom 400 shares were alloted failed to pay allotment and call money. Khushboo, who had applied for 300 shares failed to pay the call money. Their shares were forfeited after final call. 400 of the forfeited shares (including all shares of Khushboo) were reissued @ 8 per share as fully paid up. Pass the necessary journal entries by opening 'Calls in Arrears A/c' wherever necessary.

Ghosh Ltd. made the second and final call on its 50,000 Equity Shares @ Rs. 2 per share on 1st January,2016. The entire amount was received on 15th January, 2016 except on 100 shares allotted to Venkat. Pass necessary journal entries for the call money due and received by opening Call-in-Arrears Account.

The subscribed capital of a company is Rs. 80,00,000 and the nominal value of the share is Rs. 100 each. There were no calls in arrear till the finall call was made. The final call made was paid on 77,500 shares only. The balance in the calls in arrear amount to Rs. 62,500. Calculate the final call on share.