Accounts Solution | Class 12th Chapter 8. Company Accounts: Issue of Shares | Maharashtra Board HSC Solution
Issue of Shares
Maharashtra State Board HSC Notes Online Solution for Free
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Company issued 1,00,000 equity shares of 10 each at premium of 2 per share. Company received application for 80,000 equity shares and were allotted the shares.
Company received application money 3 per share, allotment money 4 per share
(Including premium) and first call money 3 per share.
The Directors have not made final call of 2 per share. All money were received except one shareholder holding 500 shares did not pay first call.
On Application 4
On Allotment 3
On First Call 2
On Second & Final Call 1
Company received application for all these shares and received all money.
On Application ₹20
On Allotment ₹30
On First Call ₹20
On Second & Final Call ₹30
Application were received for ₹22,000 equity shares and allotment of shares were made to them. All money was received by the company.
Maharashtra State Board HSC
Maharashtra State Board HSC
₹ 2 on Application
₹ 4 on Allotment
₹ 2 on first call
₹ 2 on final call
5. Sucheta Company Limited issued ₹20,00,000 new capital divided into ₹100 equity shares at a Premium of ₹20 per share payable as ₹10 on Application ₹40 on Allotment and ₹10 premium ₹50 on Final call and ₹10 premium.
The issue was oversubscribed to the extent of 26000 equity shares. The application on 2000 shares were sent letter of regret and their application money was refunded.
Remaining applications were allotted share on pro-rata basis. All the money due on Allotment and Final Call was duly received.
Application were received for ₹1,20,000 equity shares. The Directors decided to reject excess application and refunded application money on that. Company received all money.
Applications were received for 11,000 equity shares and pro-rata allotment was made for all the applicants. The excess application money was adjusted towards allotment.
Mrs. Shobha who were allotted 200 equity shares failed to pay F/F/C and her shares were forfeited after the final call.
All the shares were subscribed and duly allotted. Company made all the calls. All cash was duly received except the first & final call on 100 equity shares. These shares were forfeited by the company and were re-issued as fully paid for ₹75 per share.
A) Asha Ltd. forfeited 100 equity shares of ₹ 20 each fully called up for non-payment of first call of ₹ 3 per share and final call of ₹ 5 per share. 80 shares of these were reissued at ₹ 15 per share fully paid
B) Bhakti Ltd. forfeited 100 equity shares of ₹ 10 each, ₹ 6 called-up on which the shareholder paid application and allotment of ₹ 5 per share. Of these 80 shares were re-issued as fully paid-up for 16 per share.
C) Konark Ltd. forfeited 50 shares of ₹ 10 each, ₹ 8 called-up. The shareholder failed to pay first call of ₹ 3 per share. Later on, 30 shares of these were re-issued at ₹ 7 per share.