Shyam Ltd. invited applications for issuing 80,000 shares of 10 each at a premium of 40...

 

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Shyam Ltd. invited applications for issuing 80,000 shares of 10 each at a premium of 40 per share. The amount was payable as follows: On Application On Allotment *35 per share (including 30 premium) *8 per share (including 4 premium) ₹8 Balance On First and Final Call Applications for 77,000 shares were received. Shares were allotted to all the applicants. Sundram to whom 7,000 shares were allotted failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards, the first and final call was made. Satyam, the holder of 500 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares, 1,000 shares were re-issued at 50 per share fully paid up. The re-issued shares included all the shares of Satyam. Pass necessary journal entries for the above transactions in the books of Shyam Itd (C.B.S.E. 2012) Shyam Ltd. invited applications for issuing 80,000 shares of 10 each at a premium of 40 per share. The amount was payable as follows: On Application On Allotment *35 per share (including 30 premium) *8 per share (including 4 premium) ₹8 Balance On First and Final Call Applications for 77,000 shares were received. Shares were allotted to all the applicants. Sundram to whom 7,000 shares were allotted failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards, the first and final call was made. Satyam, the holder of 500 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares, 1,000 shares were re-issued at 50 per share fully paid up. The re-issued shares included all the shares of Satyam. Pass necessary journal entries for the above transactions in the books of Shyam Itd (C.B.S.E. 2012)