Financial AccountingTU Board 2023
A company issued 1,00,000 shares @ Rs100 each. The money called Rs50 on application, Rs40 on allotment (including discount) and Rs20 on final call. The company received 1,50,000 share applications.…
5A company issued 1,00,000 shares @ Rs100 each. The money called Rs50 on application, Rs40 on allotment (including discount) and Rs20 on final call. The company received 1,50,000 share applications. The board of director decided that 20,000 share application were returned and balance are adjusted in subsequent calls. A shareholder holds 1,000 shares failure to pay final call and forfeited after final call. All the forfeited shares were reissued at Rs 90 each. Required: Journal entries in the of company.
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