Citizen Watches Ltd. invited applications for 50,000 shares of Rs. 10 each payable Rs. 3 on application, Rs. 4 on allotment and balance on first and final call. Applications were received for 60,000 shares. Applications were accepted for 50,000 shares and remaining applications were rejected. All calls were made and received except First and Final call on 500 shares.
Pass the Journal entries in the books of Citizen Watches Ltd.

(Issue of Shares, Oversubscribed- Rejecting the Excess Applications). Good Co. Ltd. invited applications for 1,00,000 shares of Rs. 10 each payable: Rs. 3 on application , Rs. 3 on allotment and the balance when required . 1,20,000 shares were applied for. Applications were accepled for 1,00,000 shares and remaining applications were rejected . Allotment money was received on 99,500 shares. Pass Journal entries in the books of Good Co. Ltd.

Arti Ltd. offered for subscription 20,000 shares of Rs. 10 each payable Rs. 3 on application, Rs. 5 on allotment and balance on first and final call. Applications were received for 30,000 shares. Letters of regret were issued to applicants for 5,000 shares and their application money was refunded. Application money for other 5,000 shares was applied towards the payment for allotment money . The balance of allotment money was also received in due time. Company didn't make first and final call. You are to prepare the Journal, Cash Book, Ledger Accounts and 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. Application 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 @ Rs. 8 per share as fully paid-up. Pass necessary Journal entries.

Midee Ltd. invited applications for issuing 27,000 shares of Rs. 100 each payable as follows: Rs. 50-per share on application, Rs. 10-per share on allotment, and Balance-on First and Final call. Application were received for 40,000 shares. Full allotment was made to the applications of 7,000 shares. The remaining applicants were allotted 20,000 shares on pro rata basis. Excess money received on application was adjusted towards allotment and call. Asha, holding 600 shares was belonged to the category of applicants to whom full allotment was made, paid the call money at the time of allotment. Ankur, who belonged to the category of applicants to whom shares were allotted on pro rata basis did not pay anything after application on his 200 shares. Ankur's shares were forfeited after the First and Final call. These shares were later reissued at Rs. 105 per share as fully paid-up. Pass necessary Journal entries in the books of Midee Ltd. for the above transactions, by opening Call-in-Arrears and Call-in-Advance Accounts wherever necessary.

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.