Login
Get Advice on Live Video Call
Earn $ Cash $ with
consultations on Bissoy App

Amrit Ltd. issued 50,000 shares of Rs. 10 each at a premium of Rs. 2 per share payable as Rs. 3 on application, Rs. 4 on allotment (including premium)

Monjur Alahi

Amrit Ltd. issued 50,000 shares of Rs. 10 each at a premium of Rs. 2 per share payable as Rs. 3 on application, Rs. 4 on allotment (including premium), Rs. 2 on first call and the remaining on second call.
Applications were received for 75,000 shares and pro rata allotment was made to all the applicants.
All moneys due were received except allotment and first call from Sonu who applied for 1,200 shares. All his shares were forfeited. The forfeited shares were reissued for Rs. 9,600. Final call was not made. Pass necessary Journal entries.


0 like 0 dislike
1 views
Share with your friends

1 Answers

Salim Ahmed Kawsar

Call

Correct Answer - Allotment money not paid by Sonu-Rs. 2,000; First call not paid by Sonu-Rs. 1,600; Capital Reserve-Rs. 3,600.

0 like 0 dislike
1 views
Amrit Ltd. Was promoted by Amrit and Bhaskar with an authorised capital of ₹ 10,00,000 divided into 1,00,000 shares of ₹ 10 each. The company deci

Correct Answer - Dr . Incorporation Expenses A//C - ₹ 2,00,000; Cr 6% Debentures A/C - ₹ 2,00,000.

2 Answers 1 views
Sugandh Ltd. issued 60,000 shares of Rs. 10 each at a premium of Rs. Per share payable as Rs. 3 on application, Rs. 5 (including premium) on allotment

Correct Answer - Amount received on allotment-Rs. 2,05,800.

2 Answers 7 views
Green Ltd. issued 8,000 Equity Shares of Rs. 10 each. Rs. 5 per share was called, payable Rs. 2 on application, Rs. 1 on allotment, Rs. 1 on first cal

Correct Answer - Balance Sheet Total-Rs. 37,000.

2 Answers 2 views
Black Stone Ltd. issued 10,000 Equity Shares of Rs. 10 each at a premium of Rs. 3 per share payable Rs. 5 on application, Rs. 5 (including premium) on

Correct Answer - Forfeited Shares A/c-Rs. 1,000.

2 Answers 1 views
Super Star Ltd. makes an issue of 10,000 Equity Shares of Rs. 100 each, payable as: `{:("On application and allotment"," Rs. 50 per share,"),("On firs

Correct Answer - Capital Reserve-Rs. 5,000.

2 Answers 1 views
Sunshine Ltd. issued 20,000 shares of Rs. 100 each payable Rs. 25 per share on application, Rs. 25 per share on allotment and the balance in two calls

Correct Answer - Capital Reserve-Rs. 18,000.

2 Answers 1 views
A share of Rs. 100 issued at a premium of Rs. 10 on which Rs. 80 (including premium ) was called and Rs. 60 (including premium) was paid, has been for

Correct Answer - Capital Reserve-Rs. 20.

2 Answers 1 views
Sukanya Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 10 each. The shares were issued at a premium of Rs. 20 per share. The amou

Correct Answer - Capital Reserve-Rs. 19,000.

2 Answers 5 views
Ruchi Ltd. issued for public subscription 40,000 Equity Shares of Rs. 10 each at a premium of Rs. 2 per share payable as : `{:("On application",-,"Rs.

Correct Answer - Capital Reserve-Rs. 6,640.

2 Answers 6 views
Competent Ltd. issued a prospectus inviting applications for 50,000 Equity Shares of Rs. 10 each, payable Rs. 5 as per application (including Rs. 2 as

Correct Answer - Capital Reserve-Rs. 2,100.

2 Answers 40 views

Log in to ask questions, provide answers, or leave comments.


Login

Install the Bissoy app to consult with a doctor.


Download