Journalise the given transaction in the books of Indian Oil Ltd, if 400 shares of Rs.50...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Journalise the given transaction in the books of Indian Oil Ltd, if 400 shares of Rs.50 each issued at par were forfeited for non-payment of final call of Rs.10 per share. These shares were reissued at Rs. 45 per share fully paid-up. Record the the journal entry for transferring the balance in forfeiture amount to capital reserve. Journalise the given transaction in the books of Indian Oil Ltd, if 400 shares of Rs.50 each issued at par were forfeited for non-payment of final call of Rs.10 per share. These shares were reissued at Rs. 45 per share fully paid-up. Record the the journal entry for transferring the balance in forfeiture amount to capital reserve.
Expert Answer:
Related Book For
Spreadsheet Modeling & Decision Analysis A Practical Introduction to Management Science
ISBN: 978-0324656633
5th edition
Authors: Cliff T. Ragsdale
Posted Date:
Students also viewed these economics questions
-
If money is worth 6% compounded annually, what amount today is equivalent to $10,000 paid: a. 12 years from now? b. 24 years from now? c. 36 years from now?
-
If money is worth 8% compounded quarterly, how long (to the nearest day) before a scheduled payment of $6000 will $5000 be an equivalent payment? For the purpose of determining the number of days in...
-
If money is worth 14%, what payment on August 29 would be equal in value to a payment of $86,900 due on January 31 of the following year? Round to the nearest dollar.
-
Incorporated in 1990, Raju Diary Ltd is one of the leading manufacturers and marketers of diary-based branded foods in India. In the initial years, its operations were restricted only to the...
-
Debt payments are due of $700 in two months and $800 in five months. If interest at 8.3% is allowed, what single payment today is required to settle the two scheduled payments?
-
Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.) Instructions Perform each of the following. (a) Classify each of these items as an asset,...
-
In 2015, the city of San Francisco enacted an ordinance that required health warnings on advertisements for certain sugar-sweetened beverages (SSBs) that read: WARNING: Drinking beverages with added...
-
Echo Ridge Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred...
-
In establishing a new herb farm, your employer has asked you to estimate the bulk density of the farm's soil. Here are the raw data you have assembled using five relatively undisturbed soil cores...
-
Selected ledger account balances for Business Solutions follow. Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue...
-
Clarence and Lillian Ellison and Clifford and Mary Grace Bearden are adjoining landowners with a dispute regarding the location of the boundary line between their properties. A fence built by the...
-
ABC cement industry comes across some essential raw materials which was previously imported from foreign countries due to the current financial crises in our country. Before the owner took a bitter...
-
What is Records Management? Who is responsible for managing records complying with legislative and regulatory requirements. ?
-
An estimate of the order cost is $18 per order (see spreadsheet below). show the math that justifies this estimate and explain your answer. An estimate of inventory carrying (holding) cost is 27% of...
-
Amounts of the assets and liabilities of Mike Associates Inc., as of December 3 1 , 2 0 2 0 , are given as follows. Also included are revenue and expense figures for the year ended on that date (...
-
Current Attempt in Progress Sheridan Corporation acquired a coal mine for $1750000. Intangible development costs totaled $358000. After extraction is completed, Sheridan must restore the property....
-
Use the following data to answer the assignment questions. Assume you are evaluating whether to purchase the following $1,000 face value bonds: Co. X bond with a 6% coupon rate that matures in 9...
-
Orange juice producers are dismayed and puzzled. An economist told them that the reason the demand for orange juice fell is that a new technology allow tomato producers to pick ripe tomatoes more...
-
A company has three warehouses that supply four stores with a given product. Each warehouse has 30 units of the product. Stores 1, 2, 3, and 4 require 20, 25, 30, and 35 units of the product,...
-
1. Create a spreadsheet that Montreal could use to determine the most efficient snow removal plan for the coming year. Assume it costs $0.10 to transport 1 cubic meter of snow 1 kilometer. 2. What is...
-
a. Prepare scatter plots showing the relationship between the earring prices (Y) and each of the potential independent variables. What sort of relationship does each plot suggest? b. Let X1, X2, and...
-
A leading financial publication reported that the average baby boomer credit user will pay approximately $1,200 in interest annually. If, instead of paying interest, this amount was saved every year,...
-
With the availability of free credit reports, consumers are encouraged to check their report every 4 months-one report from each of the three major bureaus. In the past, consumers also were...
-
Working in a small group, collect credit card marketing information or the summary of account information sent to cardholders for three to five different cards. Be sure to protect the identity of the...
Study smarter with the SolutionInn App