CBSE 2026 · Region 5 · Set 3 · Q23

(a)OR(i)

Ajanta Ltd. invited applications for issuing $\displaystyle 30,000$ equity shares of T $\displaystyle 10$ each at a premium of $\displaystyle 5$ per share. The amount was payable as follows : On Application and Allotment $\displaystyle 10$ per share (including premium) On first and final call Balance Applications for $\displaystyle 50,000$ shares were received. Applications for $\displaystyle 10,000$ shares were rejected and their application money was refunded. Pro-rata allotment was made to the remaining applicants. Excess money received with application was adjusted towards sums due on first and final call. Sonu, an applicant of $\displaystyle 4,000$ shares, paid his entire share money with application. Vedika, to whom $\displaystyle 300$ shares were allotted, failed to pay the first and final call. After giving her the mandatory notice, her shares were forfeited. Pass necessary journal entries for the above transactions in the books of Ajanta Ltd.