CBSE 2025 · Region 2 · Set 2 · Q24

Alexia Limited invited applications for issuing $\displaystyle 1,00,000$ equity shares of ₹ $\displaystyle 10$ each at premium of ₹ $\displaystyle 10$ per share. The amount was payable as follows : On application ₹ $\displaystyle 9$ per share (Including premium ₹ $\displaystyle 6$ per share) On allotment ₹ $\displaystyle 8$ per share (Including premium ₹ $\displaystyle 4$ per share) On first and final call ₹ $\displaystyle 3$ per share. Applications were received for $\displaystyle 1,50,000$ equity shares and allotment was made to the applicants as follows : Category A : Applicants for $\displaystyle 90,000$ shares were allotted $\displaystyle 70,000$ shares. Category B : Applicants for $\displaystyle 60,000$ shares were allotted $\displaystyle 30,000$ shares. Excess money received on application was adjusted towards allotment and first and final call. Shekhar, who had applied for $\displaystyle 1200$ shares failed to pay the first and final call. Shekhar belonged to category B. Pass necessary journal entries for the above transactions in the books of Alexia Limited. Open calls in arrears and calls in advance account, wherever necessary.

OR

Pass the necessary journal entries for forfeiture and reissue of shares in the following cases : (i) Premier Ltd. forfeited $\displaystyle 600$ shares of ₹ $\displaystyle 10$ each issued at a premium of ₹ $\displaystyle 3$ per share (payable with allotment) for non- payment of allotment money of ₹ $\displaystyle 7$ per share including premium. The first and final call of ₹ $\displaystyle 3$ per share was not yet made. The forfeited shares were reissued at ₹ $\displaystyle 13$ per share fully paid up . (ii) Risha Ltd. forfeited $\displaystyle 1000$ shares of ₹ $\displaystyle 10$ each, ₹ $\displaystyle 8$ per share called up issued at a premium of ₹ $\displaystyle 2$ per share to Atul, for non-payment of allotment money of ₹ $\displaystyle 6$ per share (including premium). Out of these, $\displaystyle 800$ shares were reissued at ₹ $\displaystyle 7$ per share, $\displaystyle 5$ $\displaystyle 8$ paid up.