Question 9: Chapter 10 - Company Accounts Part I (Accounting For Shares) (Forfeiture of shares issued at par) Vijay Ltd. issued Rs 40,000 Equity shares of Rs 10 each payable as follows.

Question 9: Chapter 10 - Company Accounts Part I (Accounting For Shares)

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PRACTICAL PROBLEMS

(Forfeiture of shares issued at par)
Vijay Ltd. issued Rs 40,000 Equity shares of Rs 10 each payable as follows.

On Application Rs. 2
On Allotment Rs. 3
On First Call Rs. 3
On Second Call Rs. 2

The company received applications for Rs 50,000 equity shares. Allotment for shares was made on pro rata basis. Share allotment and calls were made and as also received except Raja holding Rs 1,000 shares failed to pay both the calls. His shares were forfeited after second call.
Record the above transactions in books of Vijay Ltd.
Note: Excess money received on share application 10,000 × Rs 2 = 20,000 will be diverted to share allotment A/c.


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