Accountancy Publication Ltd. issued 50,000 equity shares of ₹ 10 each at a premium of 10% payable as under: On Application ₹ 3; On Allotment ₹ 4 (Premium ₹ 1)
Accountancy Publication Ltd. issued 50,000 equity shares of ₹ 10 each at a premium of 10% payable as under:
On Application ₹ 3; On Allotment ₹ 4 (Premium ₹ 1); On First Call ₹ 2; and On Final Call ₹ 2.
The whole of the issue was called for by the company and all the money were duly received except the allotment and call money on 500 shares. These shares were, therefore, forfeited and later on re-issued at ₹ 9 per share as fully paid. Pass the necessary journal entries to record the above transactions.
[Ans. Capital Reserve ₹ 1,000.]
Anurag Pathak Answered question October 25, 2024
