ABC Ltd was registered with an authorized share capital of 5,00,000 divided into 50,000 equity shares of
Question:
ABC Ltd was registered with an authorized share capital of ₹5,00,000 divided into 50,000 equity shares of face value of ₹10 each. Out of this on December 1, the company issued 30,000 shares that were fully subscribed by the public, the amount was payable as follows:
On application ₹2; on allotment ₹3; ₹2.50 on first call and ₹2.50 on second call. The issue closed on December 3 and allotment was made on January 5. The allotment money was received on February 5, whereas first and second calls were made on May 5 and June 5, respectively. The amount due on first and second call was collected on June 5 and July 5, respectively. All the amounts were received except one shareholder holding 100 shares failed to pay the amount due on allotment that he paid with interest along with the first call. Another shareholder holding 200 shares paid the entire due money at the time of allotment. Interest @ 5% p.a. was charged on calls in arrears and an interest @ 6% p.a. was paid on calls received in advance. Journalize these transactions.
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