Issue of share for cash

Q. A company issued 20,000 shares of Rs. 100 each payable as follows:

On applications: …………….Rs. 20 per share

On allotment: ………………..Rs. 30 per share

On first & final call: ............Rs. 50 par share

Applications were received for 40,000 shares and allotment were made as follows:

applications of 20,000 shares …10,000 shares

applications of 10,000 shares …10,000 shares

applications of 10,000 shares …nil

It was decided to utlize the excess application money towards allotment. All money were duty received.

Required:

Entries for.    A. Application

                          B. Allotment

                          C. First & final call

A limited company issued 10,000 shares @ Rs. 100 each payable as payable as follows;

On applications: …………….Rs. 30

On allotment: ………………..Rs. 40

On first & final call: ............Rs. 30

Applications were received for 20,000 shares and allotment were made as follows:

applications of 4,000 shares ….. 4,000 shares

applications of 12,000 shares … 6,000 shares

applications of 4,000 shares …… Nil

Excess money paid on applications were utilize towards the money due on allotment. A share holder holding 200 shares failed to pay first and final call money, hence his share were forfeited.

Required:

Entries for.      A. Allotment

                          B. First & final call

                          C. Forfeiture

Q. Issue 15,000 share of Rs: 100 at 10% premium

        30 application

        40 allotment

         50 first & final call

Application received 30,000 out of aplication 5,000 alloted full 20,000 application allocated 10,000 and rent were reject. 800 share full value on allotment.