CBSE 2025 · Region 1 · Set 3 · Q25

Altima Ltd. invited applications for issuing $\displaystyle 2,00,000$ equity shares of ₹ $\displaystyle 10$ each at a premium of ₹ $\displaystyle 4$ per share. The amount was payable as follows : On application and allotment - ₹ $\displaystyle 7$ per share (including premium ₹ $\displaystyle 1$) On first and final call - Balance Applications were received for $\displaystyle 2,40,000$ shares. Applications for $\displaystyle 30,000$ shares were rejected and pro-rata allotment was made to the remaining applicants. Excess money received on application and allotment was returned. Manvi, who was allotted $\displaystyle 4,000$ shares failed to pay the first and final call money. Her shares were forfeited. All the forfeited shares were reissued at ₹ $\displaystyle 4$ per share fully paid up . Pass necessary journal entries in the books of Altima Ltd.

OR

Pass necessary journal entries for forfeiture and reissue of forfeited shares in the following cases : (i) Macil Ltd. forfeited $\displaystyle 3,000$ shares of ₹ $\displaystyle 100$ each issued at $\displaystyle 20$% premium for the non-payment of allotment money of ₹ $\displaystyle 30$ per share and first call of ₹ $\displaystyle 40$ per share (including premium $\displaystyle 5$ $\displaystyle 10$). The second and final call of ₹ $\displaystyle 30$ per share (including premium $\displaystyle 5$ $\displaystyle 10$) was not yet called. Gut of these, $\displaystyle 2,000$ shares were reissued at ₹ $\displaystyle 80$ per share paid up for ₹ $\displaystyle 90$ per share. (ii) Avian Ltd. forfeited $\displaystyle 10,000$ shares of ₹ $\displaystyle 10$ each on which the first call of ₹ $\displaystyle 4$ per share was not received and the second and final call of ₹ $\displaystyle 1$ per share was not yet called. Out of these, $\displaystyle 4,000$ shares were reissued to Ajay as fully paid up for ₹ $\displaystyle 9$ per share.