CBSE 2024 · Region 1 · Set 2 · Q26

Qumtan Ltd. invited applications for issuing $\displaystyle 1,00,000$ equity shares of ₹ $\displaystyle 10$ each at a premium of ₹ $\displaystyle 6$ per share. The amount was payable as follows : On Application and Allotment ₹ $\displaystyle 8$ per share (including premium ₹ $\displaystyle 3$) On First and Final call Balance (including premium) Applications for $\displaystyle 1,60,000$ shares were received. Applications for $\displaystyle 10,000$ shares were rejected and pro-rata allotment was made to the remaining applicants. Excess money received on application and allotment was returned. Dheeraj, who was allotted $\displaystyle 200$ shares, failed to pay the first and final call money. His shares were forfeited. All the forfeited shares were reissued at ₹ $\displaystyle 5$ per share fully paid up. Pass necessary journal entries in the books of Qumtan Ltd.

OR

Printkit Limited invited applications for issue of $\displaystyle 80,000$ equity shares of ₹ $\displaystyle 10$ each. The amount was payable as follows : On Application ₹ $\displaystyle 3$ per share On Allotment ₹ $\displaystyle 2$ per share On First and Final call Balance Applications for $\displaystyle 1,50,000$ shares were received. Applications for $\displaystyle 10,000$ shares were rejected and pro-rata allotment was made to the remaining applicants on the following basis : Category A Applicants for $\displaystyle 80,000$ shares were allotted $\displaystyle 40,000$ shares. Category B Applicants for $\displaystyle 60,000$ shares were allotted $\displaystyle 40,000$ shares. Excess money received on application was adjusted towards amount due on allotment and first and final call. All the amounts due on allotment and first and final call were duly received. Pass necessary journal entries in the books of Printkit Limited.