SUNX Ltd. has authorized capital of $100,000,000 divided into 20,000 0rdianry shares of $5,000. The company issued all its shares at par in the following installments. The following transactions took place:

	$
On application	500
On allotment	1,500
First call	2,000
Final call	1,000

 

The following transactions took place:

1. A total of 32,600 shares were applied for. Money received from unsuccessful applicants for 2,600 shares were refunded. The remaining shares were allotted on the base of two for every three applied for. The excess money received on application from successful applicants was held and utilized on allotment. The amounts due on allotment were dully received.
2. All calls were made for in full except for one member with 100 shares who did pay for any call and another member who did not pay for final call on 20 shares. The directors of DD Ltd agreed that all these shares be forfeited and were later re-issued to Ms. Julia at a price of $ 4,000 each.

3. Required:

   Post the above transactions in DDLtd ledger accounts and prepare a balance sheet extract.

Answer rating: 100% (QA)

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