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Zee ltd. invited applications for 75000 shares of rs 10 each issued at a premium of rs 4 per share. the amount is payable as follows , on applications rs 5 (including rs 2 premium), on allotment rs 5 (including rs 2 premium) and balance on first and final call . Applications for 100000 shares were received. Allotment was made to all applicants on pro rata basis . Geeta to whom 300 shares were alloted failed to pay allotment and call money . Sangeeta to whom 150 shares were alloted failed to pay the call money. These shares were forfeited. The forfeited shares were reissued rs 12 per share fully paid up. Journalise the above.?
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Zee ltd. invited applications for 75000 shares of rs 10 each issued at...
Journal Entries for Zee Ltd.
1. Application Money Received
 
- Bank Account Dr. 500,000
 
  - To Share Application Account 500,000
 
*(100,000 shares x Rs 5)*
 
2. Allotment of Shares
 
- Share Application Account Dr. 500,000
 
  - To Share Capital Account 750,000
 
  - To Securities Premium Account 300,000
 
*(Allotment to 75,000 shares at Rs 10 each with Rs 4 premium)*
 
3. Amount Due on Allotment
 
- Share Allotment Account Dr. 375,000
 
  - To Bank Account 375,000
 
*(75,000 shares x Rs 5)*
 
4. Call Money Due
 
- Share First Call Account Dr. 750,000
 
  - To Bank Account 750,000
 
*(75,000 shares x Rs 10 – Rs 5 already received)*
 
5. Forfeiture of Shares
 
- Share Allotment Account Dr. 1,650
 
- Share First Call Account Dr. 1,125
 
  - To Share Capital Account 2,775
 
*(300 shares forfeited from Geeta and 150 shares from Sangeeta)*
 
6. Reissue of Forfeited Shares
 
- Bank Account Dr. 3,600
 
  - To Share Capital Account 2,775
 
  - To Securities Premium Account 825
 
*(300 shares + 150 shares x Rs 12 reissued fully paid)*
 
Summary
 
- Total shares applied: 100,000
- Allotted shares: 75,000 on a pro-rata basis.
- Forfeited shares: 450 (300 + 150).
- Reissued at Rs 12 per share fully paid.
This detailed journalization captures the key transactions of Zee Ltd. from application to reissuance of shares, ensuring clarity and organization.
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Zee ltd. invited applications for 75000 shares of rs 10 each issued at a premium of rs 4 per share. the amount is payable as follows , on applications rs 5 (including rs 2 premium), on allotment rs 5 (including rs 2 premium) and balance on first and final call . Applications for 100000 shares were received. Allotment was made to all applicants on pro rata basis . Geeta to whom 300 shares were alloted failed to pay allotment and call money . Sangeeta to whom 150 shares were alloted failed to pay the call money. These shares were forfeited. The forfeited shares were reissued rs 12 per share fully paid up. Journalise the above.?
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Zee ltd. invited applications for 75000 shares of rs 10 each issued at a premium of rs 4 per share. the amount is payable as follows , on applications rs 5 (including rs 2 premium), on allotment rs 5 (including rs 2 premium) and balance on first and final call . Applications for 100000 shares were received. Allotment was made to all applicants on pro rata basis . Geeta to whom 300 shares were alloted failed to pay allotment and call money . Sangeeta to whom 150 shares were alloted failed to pay the call money. These shares were forfeited. The forfeited shares were reissued rs 12 per share fully paid up. Journalise the above.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Zee ltd. invited applications for 75000 shares of rs 10 each issued at a premium of rs 4 per share. the amount is payable as follows , on applications rs 5 (including rs 2 premium), on allotment rs 5 (including rs 2 premium) and balance on first and final call . Applications for 100000 shares were received. Allotment was made to all applicants on pro rata basis . Geeta to whom 300 shares were alloted failed to pay allotment and call money . Sangeeta to whom 150 shares were alloted failed to pay the call money. These shares were forfeited. The forfeited shares were reissued rs 12 per share fully paid up. Journalise the above.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Zee ltd. invited applications for 75000 shares of rs 10 each issued at a premium of rs 4 per share. the amount is payable as follows , on applications rs 5 (including rs 2 premium), on allotment rs 5 (including rs 2 premium) and balance on first and final call . Applications for 100000 shares were received. Allotment was made to all applicants on pro rata basis . Geeta to whom 300 shares were alloted failed to pay allotment and call money . Sangeeta to whom 150 shares were alloted failed to pay the call money. These shares were forfeited. The forfeited shares were reissued rs 12 per share fully paid up. Journalise the above.?.
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