Bijon Trading Co. Ltd was registered on 2nd January, 2017, with 10,000 equity shares of 10
Question:
Bijon Trading Co. Ltd was registered on 2nd January, 2017, with 10,000 equity shares of ₹ 10 each. The Company offered 8,000 shares for subscription to public. The condition was that ₹ 3 per share is payable on application, ₹ 5 per share including ₹ 2 as premium is payable on allotment, ₹ 2 per share on 1st Call and ₹ 2 per share on 2nd and Final Call. The Company received application for 9,000 shares on 15th January, of which applications for 500 shares were cancelled and money in this respect was refunded. Application money on another 500 shares was transferred to Allotment Account, 8,000 shares were allotted in due course. Money due on allotment was received in time. The company made 1st Call on 30th January and received money in due time excepting on 600 shares. Subsequently the company forfeited these 600 shares for non-payment of 1st Call. ₹cord the above transactions in Journal and show the balances as they would appear on the Balance Sheet.
Step by Step Answer:
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee