NOTES

A limited Company, with an authorized capital of Rs.20,00,000 divided into shares of ` 100 each, issued for subscription 10,000 shares payable at Rs.25 per share on application, Rs.30 per share on allotment, Rs.20 per share on first call three months after allotment and the balance as and when required.

The subscription list closed on January 31, 2016 when application money on 10,000 shares was duly received and allotment was made on March 1, 2016.The allotment amount was received in full but, when the first call was made, one shareholder failed to pay the amount on 1,000 shares held by him and another shareholder with 500 shares paid the entire amount on his shares.

Give journal entries in the books of the Company to record these share capital transactions assuming that all amounts due were received within one month of the date they were called.

Notes of Company Accounts - Issue, Forfeiture and Re-Issue of Shares (Old & New)

1.       Calls-in-Arrears and Calls-in-advance

   
   see in detail
   
   
2. Issue of shares for cash and Issue of Shares for Consideration other than Cash
   see in detail
   
   

3. X Ltd. invited applications for 10 lakhs shares of Rs.100 each payable as follows:

   	Rs.
   On Application	20
   On Allotment (on 1st May, 2016)	30
   On First Call (on 1st Oct., 2016)	30
   On Final Call (on 1st Feb., 2017)	20

   All the shares were applied for and allotted. A shareholder holding 20,000 shares paid the whole of the amount due along with allotment. Journalise the transactions, assuming all sums due were received. Interest was paid to the shareholder concerned on 1st February, 2017.

   
   see in detail
   
   

4. A limited Company, with an authorized capital of Rs.20,00,000 divided into shares of ` 100 each, issued for subscription 10,000 shares payable at Rs.25 per share on application, Rs.30 per share on allotment, Rs.20 per share on first call three months after allotment and the balance as and when required.

   The subscription list closed on January 31, 2016 when application money on 10,000 shares was duly received and allotment was made on March 1, 2016.The allotment amount was received in full but, when the first call was made, one shareholder failed to pay the amount on 1,000 shares held by him and another shareholder with 500 shares paid the entire amount on his shares.

   Give journal entries in the books of the Company to record these share capital transactions assuming that all amounts due were received within one month of the date they were called.

   
   see in detail
   
   

5. B Ltd. issued 20,000 equity shares of Rs.100 each at a premium of Rs.20 per share payable as follows: on application Rs.50; on allotment Rs.50 (including premium); on final call  Rs.20. Applications were received for 24,000 shares. Letters of regret were issued to applicants for 4,000 shares and shares were allotted to all the other applicants. Mr. A, the holder of 150 shares, failed to pay the allotment and call money, the shares were forfeited. Show the Journal Entries and Cash Book in the books of B Ltd.

   
   see in detail