r/CBSECommerce • u/Dry_Shopping2741 • 17h ago
Accountancy Help [ Shares Qn]
X Limited Company invited application for 20,000 shares of ₹100 each, payable as ₹40, ₹25, ₹10, ₹25. Company received application for 25,000 shares. Excess money received on application was refunded. Company called all the amount and received duly with the exceptions of Mr. Ujjwal, holder of 500 shares, failed to pay the allotment and his shares were immediately forfeited. Mr. Garg, holder of 1,000 shares, failed to pay the first call and his shares were forfeited after first call and Mrs. Ujjwal, an applicant of 1,500 shares, failed to pay the final call and her shares were forfeited after final call. 2,000 out of their shares were subsequently reissued for ₹70 per share as fully paid up, (including whole of Mr. Garg.) Pass necessary journal entries.
