B Limited issued 50,000 equity shares of 10 each payable as 3 per share on application,...

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B Limited issued 50,000 equity shares of 10 each payable as 3 per share on application, 5 per share (including * 2 as premium) on allotment and * 4 per share on call. All these shares were subscribed. Money due on all shares was fully received except from X, holding 1000 shares who failed to pay the allotment and call money and Y, holding 2000 shares, failed to pay the call money. All those 3,000 shares were forfeited. Out of forfeited shares, 2,500 shares (including whole of X's shares) were subsequently re-issued to Z as fully paid up at a discount of 2 per share. Pass necessary journal entries in the books of B limited. Also prepare Balance Sheet and notes to accounts of the company. (15 Marks) (b) Distinguish between Periodic Inventory System and Perpetual Inventory System. (5 Marks) B Limited issued 50,000 equity shares of 10 each payable as 3 per share on application, 5 per share (including * 2 as premium) on allotment and * 4 per share on call. All these shares were subscribed. Money due on all shares was fully received except from X, holding 1000 shares who failed to pay the allotment and call money and Y, holding 2000 shares, failed to pay the call money. All those 3,000 shares were forfeited. Out of forfeited shares, 2,500 shares (including whole of X's shares) were subsequently re-issued to Z as fully paid up at a discount of 2 per share. Pass necessary journal entries in the books of B limited. Also prepare Balance Sheet and notes to accounts of the company. (15 Marks) (b) Distinguish between Periodic Inventory System and Perpetual Inventory System. (5 Marks)