Rathee Ltd. invited applications for issuing …
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Rathee Ltd. invited applications for issuing 1,00,000 equity shares of `10 each. The shares were issued at a premium of 60%. The amount was payable as follows: On Applications and Allotment – `6 per share (including premium `4) On First and Final Call – Balance including premium Applications for 1,90,000 shares were received. The allotment was made as follows: Categroy A – Applications for 10,000 shares were rejected. Category B – Applications for 1,00,000 shares were allotted 50,000 shares. Category C – Applications for 80,000 shares were allotted 50,000 shares. Excess money received on application and allotment was adjusted towards sums due on first and final call. Ali, who belonged to Category C, was allotted t,000 shares, failed to pay the first and final call money. His shares were forfeited and re-issued at `15 per share fully paid up. Pass necessary journal entries for the above transactions in the books of Rathee Ltd. by opening Calls-in-Arrears and Calls-in-Advance Accounts.
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Bharath Hari 4 years, 1 month ago
8Thank You