Bhagwati Ltd. invited applications for issuing 2,00,000 equity shares of Rs 10 each. The amount were payable as follows :

On Application --Rs 3 per share.

On allotment --Rs 5 per share.

On first and final call -- Rs 2 per share.

Application were received for 3,00,000 shares and pro-rata allotment was made to all the applicants. Money overpaid on application was adjusted towards allotment money. B, who was allotted 3,000 shares, 2,500 shares were reissued as fully paid up @ Rs 8 per share.

Pass necessary journal entries to record the above transactions in the books of Bhagwati Ltd.

OR

(a) A company forfeited 200, shares of Rs 20 each, Rs 15 per share called up on which Rs 10 per share had been paid Directors reissued all the forfeited shares to B as Rs 15 per share paid up, for a payment of Rs 10 each . Give journal entries in the books of the company for forfeiture and re-issue of shares.

(b) A Ltd. forfeited 100 equity shares of the face value of Rs 10 each, for the non-payment of first call of Rs 2 per share. Rs 6 per share had already been called and paid. These shares were subsequently re-issued as fully paid at the rate of Rs 7 per share. Give journal entries in the books of the company for forfeiture and re-issue of shares.

Q. JS Ltd. invited applications for issuing $80,000$ equity shares of Rs.$10$ each at a premium of Rs.$6$ per share. The amount was payable as follows:
On application Rs.$4$ per share (including premium Rs.$1$ per share)
On Allotment Rs. $6$ per share (including premium Rs.$3$ per share)
On First and Final Call Balance.
Applications for $1,60,000$ shares were received. Applications for $40,000$ shares were rejected and application money refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Raman holding $400$ shares failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the final call was made. Veer who had applied for $1,200$ shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares $500$ shares were re-issued at Rs.$8$ per share fully paid-up. The re-issued shares included all the forfeited shares of Raman.
Pass necessary journal entries for the above transactions in the books of J.S. Ltd.

Q.

R.K.Ltd., invited applications for issuing 80,000 equity shares of Rs 10 each at a premium of Rs 35 per share. The amount was payable as follows:
On Application Rs 8 (including Rs 5 premium) per share.
On Allotment Rs 12 (including Rs 10 premium) per share.

On First and Final Call Balance.

Application for 75,000 shares were received and allotment was made to all the applicants. Rahim, a shareholder who was allotted 3,000 shares failed to pay allotment money and his shares were immediately forfeited. Afterwards, the first and final call was made. Suhani who held 3,000 shares failed to pay the final call. Her shares were also forfeited. All the forfeited shares were re-issued for a sum of Rs 62,000 as fully paid up.

Pass the necessary Journal entries for the above transactions in the books of R.K.Ltd.

OR

Sargam Ltd., invited applications for issuing 80,000 equity shares of Rs 100 each at a premium. The amount was payable as follows :

On Application Rs 20 per share.

On Allotment Rs 60 (including premium) per share.

On First and Final Call Rs 40 per share.

Application for 1,20,000 shares were received. Allotment was made on pro-rata basis to all the applicants. Excess money received on applications was adjusted on sums due to allotment. Sitaram, who had applied for 6,000 shares failed to pay the allotment money and Harnam did not pay first and final call on 800 shares allotted to him. The shares of Sitaram and Harnam were forfeited. 4,200 of these shares were re-issued for Rs 100 per share as fully paid up. The re-issued shares included all the forfeited shares of Harnam.

Pass necessary Journal entries for the above transactions in the books of Sargam Ltd.

Q. AB Ltd. invited applications for issuing 75,000 equity shares of Rs 100 each at a premium of Rs 30 per share. The amount way payable as follows:
On Application and Allotment - Rs 85 per share (including premium)
On First and Final call - the balance Amount Applications for 1,27,500 shares were received. Applications for 27,500 shares were rejected and share were allotted on pro-rata basis to the remaining applicants. Excess money received on application and allotment was adjusted towards sums due to first and final call. The calls were made. A shareholder, who applied for 1,000 shares, failed to pay the first and final call money. His shares were forfeited. All the forfeited shares were reissued at Rs 150 per share fully paid up.
Pass necessary journal entries for the above transactions in the books of AB Ltd.

Q.

Alfa Ltd. invited applications for issuing 75,000 equity shares of Rs 10 each. The amount was payable as follows :

On applications and allotment - Rs 4 per share.

On First Call - Rs 3 per share.

On Second and Final Call - Balance.

Application for 1,00,000 shares were received. Shares were allotted to the applicants on pro-rata basis and excess money received with applications was transferred towards sums due on first call.

Vibha who was allotted 750 share failed to pay the first call. Her shares were immediately forfeited. Afterwards, the second call was made. The amount due on second call was also received except on 1,000 shares, applied by Monika. Her shares were also forfeited. All the forfeited shares were re-issued to Mohit For Rs 9,000 as fully paid up. Pass necessary Journal entries in the books of Alfa Ltd. for the above transactions.

OR

Jeevan Dhara Ltd. Invited applications for issuing 1,20,000 equity shares of Rs 10 each at a premium of Rs 2 per share. The amount was payble as follows :

On application-Rs 2 per share.

On allotment-Rs 5 (including premium).

On first and final call - Balance.

Application for 1,50,000 shares were received. Shares were allotted to all the applications on pro-rata basis. Excess money received on applications was adjusted towards sums due on allotment. All calls were made. Manu who had applied for 3,000 shares failed to pay the amount due on allotment and first and final call. Madhur who was allotted 2,400 Shares failed to pay the first and final call. Shares of both, Manu and Madhur were forfeited. The forfeited shares were re-issued at Rs 9 per share as fully paid up. Pass the necessary Journal entries for the above transactions in the books of Jeevan Dhara Ltd.

Q. 'Nigam Limited' invited applications for issuing $15,000$ equity shares of $Rs10$ each at a discount of $Rs1$ per share. The amount was payable as follows:
On application - $Rs2$ per share
On allotment - $Rs3$ per share
On first and final call - $Rs4$ per share
Applications for $18,000$ shares were received. Shares were issued proportionately to all applicants. Excess money received with applications was adjusted towards sums due on allotment. Ramesh who had applied for $360$ share failed to pay allotment, and first and final call money. Naresh to whom $150$ shares were allotted failed to pay the first and final call money. Shares of both Ramesh and Naresh were forfeited. Out of the forfeited shares, $200$ shares were re-issued at $Rs9$ per share as fully paid up. The re-issued shares included all the shares of Naresh.
Pass necessary journal entries for the above transactions in the books of 'Nigam Limited'.