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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.?
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.?
Most Upvoted Answer
(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
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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(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.?.
(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.
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Here you can find the meaning of (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.? defined & explained in the simplest way possible. Besides giving the explanation of
(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.?, a detailed solution 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.? has been provided alongside types of (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.? theory, EduRev gives you an
ample number of questions to practice (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.? tests, examples and also practice Commerce tests.
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