(b) XYZ Ltd. Invited applications for issuing 50,000 equity shares of ₹10 each payable as under:On Application 3 per shareOn Allotment 4 per shareOn First and Final Call 3 per shareApplications were revived for 75,000 shares and prorata allotment was made as under:(i) Applicants for 40,000 shares were allotted 30,000 shares(ii) Application for 35,000 shares were allotted 20,000 sharesRaghav to whom 1200 shares were allotted out of the group (a) failed to pay the allotment money. His shares were forfeited immediately after allotment Shyam who applied for 700 shares belong to group (b). He failed to pay the first and final call amount. His shares were also forfeited.Out of forfeited shares 1000 shares were reissued @ 8 per share fully paid up including all the shares of Shyam. Pass the necessary journal entries. Please show the working notes clearly.?

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(b) XYZ Ltd. Invited applications for issuing 50,000 equity shares of ₹10 each payable as under:
On Application 3 per share
On Allotment 4 per share
On First & Final Call 3 per share
Applications were revived for 75,000 shares and prorata allotment was made as under:
(i) Applicants for 40,000 shares were allotted 30,000 shares(ii) Application for 35,000 shares were allotted 20,000 sharesRaghav to whom 1200 shares were allotted out of the group (a) failed to pay the allotment money. His shares were forfeited immediately after allotment Shyam who applied for 700 shares belong to group (b). He failed to pay the first & final call amount. His shares were also forfeited.Out of forfeited shares 1000 shares were reissued @ 8 per share fully paid up including all the shares of Shyam. Pass the necessary journal entries. Please show the working notes clearly.?

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(b) XYZ Ltd. Invited applications for issuing 50,000 equity shares of ...

Journal Entries:

1. For recording the receipt of applications:
Dr. Bank A/c - 225000
Cr. Share Application A/c - 225000

2. For prorata allotment:
Dr. Share Allotment A/c - 50000
Cr. Share Capital A/c - 50000

3. For forfeiting Raghav's shares:
Dr. Raghav's Share Allotment A/c - 4800
Cr. Raghav's Share Forfeited A/c - 4800

4. For forfeiting Shyam's shares:
Dr. Shyam's Share First & Final Call A/c - 2800
Cr. Shyam's Share Forfeited A/c - 2800

5. For reissuing forfeited shares:
Dr. Bank A/c - 8000
Cr. Share Capital A/c - 8000

Working Notes:
- Total amount received from applications: 75000 shares x ₹3 = ₹225000
- Total amount received from allotment: 50000 shares x ₹4 = ₹200000
- Total amount received from first & final call: 50000 shares x ₹3 = ₹150000
- Total shares forfeited: 1200 (Raghav) + 700 (Shyam) = 1900 shares
- Total amount received from reissuing forfeited shares: 1000 shares x ₹8 = ₹8000

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Based on the information below you are required to answer the following questions:Sangita Limited invited applications for issuing 60,000 shares of ₹10 each at par. The amount was payable as follows : On Application ₹ 2 per share On Allotment ₹ 3 per share One First and Final Call ₹ 5 per share Applications were received for 92,000 shares. Allotment was made on the following basis :(i) To applicants for 40,000 shares — Full(ii) To applicants for 50,000 shares — 40%(iii) To applicants for 2,000 shares — Nil₹1,08,000 was released on account of allotment (excluding the amount carried from application money) and ₹2,50,000 on account of call.The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.How many shares will be issued for the applicants of 50,000 shares?

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Based on the information below you are required to answer the following questions:Sangita Limited invited applications for issuing 60,000 shares of ₹10 each at par. The amount was payable as follows : On Application ₹ 2 per share On Allotment ₹ 3 per share One First and Final Call ₹ 5 per share Applications were received for 92,000 shares. Allotment was made on the following basis :(i) To applicants for 40,000 shares — Full(ii) To applicants for 50,000 shares — 40%(iii) To applicants for 2,000 shares — Nil₹1,08,000 was released on account of allotment (excluding the amount carried from application money) and ₹2,50,000 on account of call.The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.How much allotment amount is already received during application?

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Based on the information below you are required to answer the following questions:Sangita Limited invited applications for issuing 60,000 shares of ₹10 each at par. The amount was payable as follows : On Application ₹ 2 per share On Allotment ₹ 3 per share One First and Final Call ₹ 5 per share Applications were received for 92,000 shares. Allotment was made on the following basis :(i) To applicants for 40,000 shares — Full(ii) To applicants for 50,000 shares — 40%(iii) To applicants for 2,000 shares — Nil₹1,08,000 was released on account of allotment (excluding the amount carried from application money) and ₹2,50,000 on account of call.The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.The above case shows which of the following cases of subscription?

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Based on the information below you are required to answer the following questions:Sangita Limited invited applications for issuing 60,000 shares of ₹10 each at par. The amount was payable as follows : On Application ₹ 2 per share On Allotment ₹ 3 per share One First and Final Call ₹ 5 per share Applications were received for 92,000 shares. Allotment was made on the following basis :(i) To applicants for 40,000 shares — Full(ii) To applicants for 50,000 shares — 40%(iii) To applicants for 2,000 shares — Nil₹1,08,000 was released on account of allotment (excluding the amount carried from application money) and ₹2,50,000 on account of call.The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.What amount is received at the time of first and final call?

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(b) XYZ Ltd. Invited applications for issuing 50,000 equity shares of ₹10 each payable as under:On Application 3 per shareOn Allotment 4 per shareOn First & Final Call 3 per shareApplications were revived for 75,000 shares and prorata allotment was made as under:(i) Applicants for 40,000 shares were allotted 30,000 shares(ii) Application for 35,000 shares were allotted 20,000 sharesRaghav to whom 1200 shares were allotted out of the group (a) failed to pay the allotment money. His shares were forfeited immediately after allotment Shyam who applied for 700 shares belong to group (b). He failed to pay the first & final call amount. His shares were also forfeited.Out of forfeited shares 1000 shares were reissued @ 8 per share fully paid up including all the shares of Shyam. Pass the necessary journal entries. Please show the working notes clearly.?

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(b) XYZ Ltd. Invited applications for issuing 50,000 equity shares of ₹10 each payable as under:On Application 3 per shareOn Allotment 4 per shareOn First & Final Call 3 per shareApplications were revived for 75,000 shares and prorata allotment was made as under:(i) Applicants for 40,000 shares were allotted 30,000 shares(ii) Application for 35,000 shares were allotted 20,000 sharesRaghav to whom 1200 shares were allotted out of the group (a) failed to pay the allotment money. His shares were forfeited immediately after allotment Shyam who applied for 700 shares belong to group (b). He failed to pay the first & final call amount. His shares were also forfeited.Out of forfeited shares 1000 shares were reissued @ 8 per share fully paid up including all the shares of Shyam. Pass the necessary journal entries. Please show the working notes clearly.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about (b) XYZ Ltd. Invited applications for issuing 50,000 equity shares of ₹10 each payable as under:On Application 3 per shareOn Allotment 4 per shareOn First & Final Call 3 per shareApplications were revived for 75,000 shares and prorata allotment was made as under:(i) Applicants for 40,000 shares were allotted 30,000 shares(ii) Application for 35,000 shares were allotted 20,000 sharesRaghav to whom 1200 shares were allotted out of the group (a) failed to pay the allotment money. His shares were forfeited immediately after allotment Shyam who applied for 700 shares belong to group (b). He failed to pay the first & final call amount. His shares were also forfeited.Out of forfeited shares 1000 shares were reissued @ 8 per share fully paid up including all the shares of Shyam. Pass the necessary journal entries. Please show the working notes clearly.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for (b) XYZ Ltd. Invited applications for issuing 50,000 equity shares of ₹10 each payable as under:On Application 3 per shareOn Allotment 4 per shareOn First & Final Call 3 per shareApplications were revived for 75,000 shares and prorata allotment was made as under:(i) Applicants for 40,000 shares were allotted 30,000 shares(ii) Application for 35,000 shares were allotted 20,000 sharesRaghav to whom 1200 shares were allotted out of the group (a) failed to pay the allotment money. His shares were forfeited immediately after allotment Shyam who applied for 700 shares belong to group (b). He failed to pay the first & final call amount. His shares were also forfeited.Out of forfeited shares 1000 shares were reissued @ 8 per share fully paid up including all the shares of Shyam. Pass the necessary journal entries. Please show the working notes clearly.?.

Solutions for (b) XYZ Ltd. Invited applications for issuing 50,000 equity shares of ₹10 each payable as under:On Application 3 per shareOn Allotment 4 per shareOn First & Final Call 3 per shareApplications were revived for 75,000 shares and prorata allotment was made as under:(i) Applicants for 40,000 shares were allotted 30,000 shares(ii) Application for 35,000 shares were allotted 20,000 sharesRaghav to whom 1200 shares were allotted out of the group (a) failed to pay the allotment money. His shares were forfeited immediately after allotment Shyam who applied for 700 shares belong to group (b). He failed to pay the first & final call amount. His shares were also forfeited.Out of forfeited shares 1000 shares were reissued @ 8 per share fully paid up including all the shares of Shyam. Pass the necessary journal entries. Please show the working notes clearly.? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

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