Comprehension
Meera Ltd. is registered with an authorised capital of ₹ 1,00,000 divided into equity shares of ₹ 10 each. The company invited applications for issuing 1,00,000 equity shares at a premium of ₹ 2 per share. The amount was payable as follows:
- On application – ₹ 3 per share
- On allotment – ₹ 4 per share (including premium)
- On first call – ₹ 2 per share
- On second and final call – ₹ 3 per share
Applications were received for 95,000 shares and allotment was made to all the applicants. All calls were made and duly received except the second and final call of 1,000 shares held by Tushar.
Answer the following questions:
Top Questions on Accounting for Companies
- Pass the necessary journal entries for forfeiture and reissue of shares in the following cases:
(i) Premier Ltd. forfeited 600 shares of Rs 10 each issued at a premium of Rs 3 per share (payable with allotment) for non-payment of allotment money of Rs 7 per share including premium. The first and final call of Rs 3 per share was not yet made. The forfeited shares were reissued at Rs 13 per share fully paid up.
(ii) Risha Ltd. forfeited 1000 shares of Rs 10 each, Rs 8 per share called up issued at a premium of Rs 2 per share to Atul, for non-payment of allotment money of Rs 6 per share (including premium). Out of these, 800 shares were reissued at Rs 7 per share, Rs 8 paid up.- CBSE CLASS XII - 2025
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- Alexia Limited invited applications for issuing 1,00,000 equity shares of Rs 10 each at premium of Rs 10 per share. The amount was payable as follows:
On application Rs 9 per share (Including premium Rs 6 per share)
On allotment Rs 8 per share (Including premium Rs 4 per share)
On first and final call Rs 3 per share.
Applications were received for 1,50,000 equity shares and allotment was made to the applicants as follows:
Category A: Applicants for 90,000 shares were allotted 70,000 shares.
Category B: Applicants for 60,000 shares were allotted 30,000 shares.
Excess money received on application was adjusted towards allotment and first and final call. Shekhar, who had applied for 1200 shares failed to pay the first and final call. Shekhar belonged to category B. Pass necessary journal entries for the above transactions in the books of Alexia Limited. Open calls in arrears and calls in advance account, wherever necessary.- CBSE CLASS XII - 2025
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