AXN Ltd invited applications for issuing …
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AXN Ltd invited applications for issuing 1, 00.000 equity shares of Rs 10 each at a Premium
Of Rs 6 per share. The amount was Payable as follows: On Application Rs. 4 Per share
including Rs 2 Premium); On Allotment Rs 5 Per share (Including Rs. 2 on Premium); On First
Call Rs 4 per share (including Rs 2 Premium); On second and Final Call — Balance Amount.
The issue was fully subscribed. Kumar the holder Of 400 shares did not pay the allotment
money. Ravi the holder of 1000 shares paid his entire share money along with allotment
money. Kumar's shares were forfeited immediately after allotment Afterwards first call was
made. Gupta a holder of 300 shares failed to pay the first call money and Gopal a holder of
600 shares paid the second call money also along with the first call. Gupta's shares were
forfeited immediately after the first call. Second and final call was made afterwards. The
whole amount due on second call was received. Pass necessary Journal entries for the above transactions in the books of the company.
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Darknight Xx 4 years, 2 months ago
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