In the year 2021-22, Yamuna Limited Co. was registered with an authorized capital of ₹ 1,00,000 in ₹ 10 per Equity share. Of these, 4,000 equity shares were issued as fully paid to vendor for the purchase of Plant and Machinery and 6,000 shares were subscribed for by the public. During the first year, ₹ 6 per Equity share was called up, payable:
₹ 3 on Application ₹ 1 on Allotment ₹ 2 on the First Call The amounts received in respect of these shares were as follows:
On 5,000 shares the full amount called On 600 shares ₹ 4 per Equity share On 400 shares ₹ 3 per Equity share. The company forfeited all those shares on which only ₹ 3 had been received and reissued them at ₹ 4 per share.
You are required to: (i) Pass journal entries to record the above transactions in the books of the company. (ii) Prepare the Calls-in Arrears Account.
OR
Tapsi Ltd. invited applications from the public for the issue of 55,000 Equity shares of ₹ 10 each payable as:
₹ 3 on Application ₹ 5 on Allotment Balance on Call The public applied for 50,000 shares which were duly allotted by the company. ₹ 2,49,000 were received by the company on allotment and ₹ 99,400 on call. The company forfeited those shares on which both, allotment and call money was not received. 70% of the forfeited shares were reissued at ₹ 7 per share, fully called up. The company paid share issue expenses of ₹ 20,000 which were completely written off at the end of the year. The company had ₹ 15,000 in its Securities Premium Reserve Account. You are required to pass journal entries to record the above transactions in the books of the company.
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