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CBSE Class 12-commerce Answered

17. Radha Mohan Ltd. invited applications for issuing 4,00,000 equity shares of `50 each. The amount was payable as follows:  On Application - `15 per share,  On Allotment - ` 25 per share,  On First and Final Call - `10 per share.  Applications for 6,00,000 shares were received and pro rata allotment was made to all the applicants on following basis:  Applicants for 4,00,000 shares were allotted 3,00,000 shares.  Applicants for 2,00,000 shares were allotted 1,00,000 shares.  It was decided that excess amount received on applications will be adjusted towards sums due on allotment and surplus if any will be refunded. Vibhuti, who was allotted 6,000 shares out of the group applying for 4,00,000 shares did not pay the allotment money and his shares were forfeited immediately. Afterwards, these forfeited shares were reissued at `30 per share fully paid-up. Later on, first and final call was made. Shahid, who had applied for 2,000 shares out of the group applying for 2,00,000 shares failed to pay first and final call and his shares were also forfeited. These shares were afterwards reissued at `60 per share fully paid-up.  Pass necessary Journal entries in the books of Radha Mohan Ltd. for the above transactions. [8] Answer???
Asked by sananshivam999 | 18 Jan, 2019, 01:32: PM
answered-by-expert Expert Answer
For solution, you can go through a similar question (Q.17) in the solved board papers available at our website. Visit the below mentioned link:
 
Answered by Surabhi Gawade | 22 Jan, 2019, 10:18: AM

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