Nirmal Ltd. issued 50,000 equity shares of Rs.10 each. The amount was payable as follows:
On application            - Rs 3 per share
On allotment               - Rs 2 per share
On first and final call - The balance
Applications for 45,000 shares were received and shares were allotted to al the applicants. Pooja, to whom 500 shares were alloted, paid her entire share money at the time of allotment, wheras Kundan did not pay the first and final call on his 300 shares. Calculate the amount received at the time of making first and final call.

Guru Ltd invited applications for issuing 5,00,000 equity shares Rs10 each at a premium of Rs 5 per share. Because of favorable market conditions, the issue was oversubscribed and applications for 15,00,000 shares were received. Suggest the alternatives available to the Board of Directors for the allotment of shares.

X Ltd invited applications for 10,000 shares of Rs10 each. Applications were received for 15,000 shares. Name the kind of subscription. Give three alternatives for allotting shares.

Y Ltd invited applications for 10,000 shares of Rs10 each.Applications were received for 90,000 shares. Name the kind of subscription

Rohit Ltd purchased assets from Rohit and Co for Rs 3,50,000. A sum of Rs 75,000 was paid by means of a bank draft and for the balance due, Rohit Ltd issued equity shares of Rs 10 each at a premium of 10% Journalise the above transactions in the books of the company.

Sundram Ltd purchased furniture for Rs 3,00,000 from Ravindram Ltd Rs 1,00,000 were paid by drawing a promissory note in favour of Ravindram Ltd. the balance was paid by issue of equity shares of Rs 10 each at apremium of 25%.

Pass necessary journal entries in the books of Sundram Ltd. Also, identify the value shown by the company in issuing shares for consideration other than cash,

X Ltd purchased machinery for Rs 5,00,000 from Y Ltd. Half of the amount was paid by accepting a bill of exchange drawn by Y Ltd payable after three months. The balance was paid by issue of equity shares of Rs 10 each at a premium of 25%.

Pass necessary journal entries in the books of X Ltd for these transactions.

What is the maximum rate of interest which the Board of Directors of a company can change on 'calls-in-arrears' if the articles are silent on the matter of such interest?

(i) If a share of Rs 10 on which Rs 8 is called-up and Rs 6 is paid is forfeited. Stae with what amount the share capital account will be debited.
(ii) If a share of Rs 10 on which Rs 6 has been paid is forfeited, at what minimum price it can be re-issued?

At the time of forfeiture of shares, with what amount the forfeited shares account is credited?

At the time of forfeiture of shares, with what amount the share capital account is debited?

Can the forfeited shares be re-issued at a discount?

In case of re-issue of shares which were originally issued at a par or at a premium, What is the maximum permissible discount on re-issue?

A Ltd forfeited 300 shares of Rs 10 each fully called-up, held by Zee for non-payment of allotment money of Rs 3 per share and final call of Rs 4 per share. He had paid the application money of Rs 3 per share. These shares were re-issued to Cee for Rs 8 per share. Pass necessary journal entries.

A Ltd forfeited 200 shares of Rs 10 each, Rs 7 called-up on which M had paid application and allotment money of Rs 5 per share. Of these, 150 shares were re-issued to N as fully paid-up for Rs 6 per share. Pass necessary journal entries.