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Ankita Ltd. offered for public 10,000 equity shares of 10 each, payable as under: (08) On Application Rs. 3 On Allotment Rs. 2 On First call Rs. 2 & Final call Rs. 3 Company received all the money. The issue was fully subscribed. Give Journal entries to record the above transaction.?
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Ankita Ltd. offered for public 10,000 equity shares of 10 each, payabl...
On Second call Rs. 3
The subscription list was oversubscribed by 50%. Allotment was made to all the applicants on pro-rata basis. Mr. X, who had applied for 200 shares, failed to pay the allotment money and Mr. Y, who had applied for 100 shares, failed to pay the two calls. Both of them forfeited their shares.
Calculate:
a) The amount of application money received
b) The total amount of allotment money received
c) The total amount of first call money received
d) The total amount of second call money received
e) The amount of forfeiture
f) The total amount of money refunded.
Solution:
a) The total number of shares applied for = 10,000
The subscription list was oversubscribed by 50%, therefore the number of shares allotted = 10,000 x 1.5 = 15,000
Amount of application money received = 15,000 x 3 = Rs. 45,000
b) The allotment money per share = Rs. 2
Number of shares allotted = 15,000
Total amount of allotment money received = 15,000 x 2 = Rs. 30,000
c) The first call money per share = Rs. 2
Number of shares on which first call was made = 15,000
Total amount of first call money received = 15,000 x 2 = Rs. 30,000
d) The second call money per share = Rs. 3
Number of shares on which second call was made = 15,000
Total amount of second call money received = 15,000 x 3 = Rs. 45,000
e) Forfeiture:
Mr. X failed to pay the allotment money for 200 shares, therefore, 200 shares were forfeited.
Mr. Y failed to pay the two calls for 100 shares, therefore, 100 shares were forfeited.
Total number of shares forfeited = 200 + 100 = 300
Face value of forfeited shares = 300 x 10 = Rs. 3,000
Forfeiture amount = Face value - Amount already received = 3,000 - (2 x 200 + 3 x 100) = Rs. 500
f) Total amount of money refunded = (Application money - Forfeiture) + (Allotment money - Forfeiture) + (First call money - Forfeiture) + (Second call money - Forfeiture)
= (45,000 - 500) + (30,000 - 500) + (30,000 - 500) + (45,000 - 500) = Rs. 149,500
Therefore, the amount of application money received is Rs. 45,000, the total amount of allotment money received is Rs. 30,000, the total amount of first call money received is Rs. 30,000, the total amount of second call money received is Rs. 45,000, the amount of forfeiture is Rs. 500, and the total amount of money refunded is Rs. 149,500.
The subscription list was oversubscribed by 50%. Allotment was made to all the applicants on pro-rata basis. Mr. X, who had applied for 200 shares, failed to pay the allotment money and Mr. Y, who had applied for 100 shares, failed to pay the two calls. Both of them forfeited their shares.
Calculate:
a) The amount of application money received
b) The total amount of allotment money received
c) The total amount of first call money received
d) The total amount of second call money received
e) The amount of forfeiture
f) The total amount of money refunded.
Solution:
a) The total number of shares applied for = 10,000
The subscription list was oversubscribed by 50%, therefore the number of shares allotted = 10,000 x 1.5 = 15,000
Amount of application money received = 15,000 x 3 = Rs. 45,000
b) The allotment money per share = Rs. 2
Number of shares allotted = 15,000
Total amount of allotment money received = 15,000 x 2 = Rs. 30,000
c) The first call money per share = Rs. 2
Number of shares on which first call was made = 15,000
Total amount of first call money received = 15,000 x 2 = Rs. 30,000
d) The second call money per share = Rs. 3
Number of shares on which second call was made = 15,000
Total amount of second call money received = 15,000 x 3 = Rs. 45,000
e) Forfeiture:
Mr. X failed to pay the allotment money for 200 shares, therefore, 200 shares were forfeited.
Mr. Y failed to pay the two calls for 100 shares, therefore, 100 shares were forfeited.
Total number of shares forfeited = 200 + 100 = 300
Face value of forfeited shares = 300 x 10 = Rs. 3,000
Forfeiture amount = Face value - Amount already received = 3,000 - (2 x 200 + 3 x 100) = Rs. 500
f) Total amount of money refunded = (Application money - Forfeiture) + (Allotment money - Forfeiture) + (First call money - Forfeiture) + (Second call money - Forfeiture)
= (45,000 - 500) + (30,000 - 500) + (30,000 - 500) + (45,000 - 500) = Rs. 149,500
Therefore, the amount of application money received is Rs. 45,000, the total amount of allotment money received is Rs. 30,000, the total amount of first call money received is Rs. 30,000, the total amount of second call money received is Rs. 45,000, the amount of forfeiture is Rs. 500, and the total amount of money refunded is Rs. 149,500.
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Ankita Ltd. offered for public 10,000 equity shares of 10 each, payabl...
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Ankita Ltd. offered for public 10,000 equity shares of 10 each, payable as under: (08) On Application Rs. 3 On Allotment Rs. 2 On First call Rs. 2 & Final call Rs. 3 Company received all the money. The issue was fully subscribed. Give Journal entries to record the above transaction.?
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Ankita Ltd. offered for public 10,000 equity shares of 10 each, payable as under: (08) On Application Rs. 3 On Allotment Rs. 2 On First call Rs. 2 & Final call Rs. 3 Company received all the money. The issue was fully subscribed. Give Journal entries to record the above transaction.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Ankita Ltd. offered for public 10,000 equity shares of 10 each, payable as under: (08) On Application Rs. 3 On Allotment Rs. 2 On First call Rs. 2 & Final call Rs. 3 Company received all the money. The issue was fully subscribed. Give Journal entries to record the above transaction.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ankita Ltd. offered for public 10,000 equity shares of 10 each, payable as under: (08) On Application Rs. 3 On Allotment Rs. 2 On First call Rs. 2 & Final call Rs. 3 Company received all the money. The issue was fully subscribed. Give Journal entries to record the above transaction.?.
Ankita Ltd. offered for public 10,000 equity shares of 10 each, payable as under: (08) On Application Rs. 3 On Allotment Rs. 2 On First call Rs. 2 & Final call Rs. 3 Company received all the money. The issue was fully subscribed. Give Journal entries to record the above transaction.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Ankita Ltd. offered for public 10,000 equity shares of 10 each, payable as under: (08) On Application Rs. 3 On Allotment Rs. 2 On First call Rs. 2 & Final call Rs. 3 Company received all the money. The issue was fully subscribed. Give Journal entries to record the above transaction.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ankita Ltd. offered for public 10,000 equity shares of 10 each, payable as under: (08) On Application Rs. 3 On Allotment Rs. 2 On First call Rs. 2 & Final call Rs. 3 Company received all the money. The issue was fully subscribed. Give Journal entries to record the above transaction.?.
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Ankita Ltd. offered for public 10,000 equity shares of 10 each, payable as under: (08) On Application Rs. 3 On Allotment Rs. 2 On First call Rs. 2 & Final call Rs. 3 Company received all the money. The issue was fully subscribed. Give Journal entries to record the above transaction.?, a detailed solution for Ankita Ltd. offered for public 10,000 equity shares of 10 each, payable as under: (08) On Application Rs. 3 On Allotment Rs. 2 On First call Rs. 2 & Final call Rs. 3 Company received all the money. The issue was fully subscribed. Give Journal entries to record the above transaction.? has been provided alongside types of Ankita Ltd. offered for public 10,000 equity shares of 10 each, payable as under: (08) On Application Rs. 3 On Allotment Rs. 2 On First call Rs. 2 & Final call Rs. 3 Company received all the money. The issue was fully subscribed. Give Journal entries to record the above transaction.? theory, EduRev gives you an
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