Thai Ltd. issued 1,00,000 equity shares of Rs. 10 each, payable Rs. 5 on application, Rs. 2 on allotment Rs. 2 on first call and Rs. 1 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.

Joy Company issued 10,000 equity shares at Rs.10 per share payable Rs.5 on application, Rs.3 on allotment and Rs.2 on first and final call. The public subscribed for 9,000 shares. The directors allotted all the 9,000 shares and duly received the money. Pass the necessary journal entries.

Bharath Ltd. issued 1,00,000 equity shares of  Rs. 10 each to the public at par. The details of the amount payable on the shares are as follows:

Application money was received for 1,20,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

Khan Ltd. issued 50,000 shares of  Rs.10 each to the public payable Rs.4 on application, Rs.4 on allotment and Rs.2 on first and final call. Applications were received for 65,000 shares. The directors decided to allot 50,000 shares on pro rata basis and surplus application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

Sudha Ltd. offered 1,00,000 shares of Rs.10 each to the public payable Rs.3 on application, Rs.4 on share allotment and the balance when required. Applications for 1,40,000 shares were received on which the directors allotted as:
Applicants for 60,000 shares - Full
Applicants for 75,000 shares - 40,000 shares (excess money will be utilised for allotment)
Applicants for 5,000 shares - Nil
All the money due was received. Pass journal entries upto the receipt of allotment.

Jenifer Ltd. issued 10,000 equity shares of Rs.10 each at par payable on application Rs.3 per share, on allotment Rs.3 per share, on first call Rs.2 per share and on second and final call Rs.2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 100 shares held by Subbu, who failed to pay the second and final call. His shares were forfeited and reissued to Hema at Rs.7 per share. Journalise the above transactions.

X company issued 10,000 equity shares of Rs.10 each payable as under:

Applications were received for 30,000 shares. Applications for 10,000 shares were rejected and allotment was made proportionately towards remaining applications and the excess application money is adjusted towards allotment money. The directors made both the calls and the all the amount were received except the final call on 600 shares which were subsequently forfeited. Later 400 forfeited shares were reissued as fully paid by receiving Rs.7 per share.

Shero Health Care Ltd. invited applications for 3,00,000 equity shares of Rs.10 each at a premium of Rs.2 per share payable as follows:
Rs.3 on application
Rs.5 (including premium) on allotment
Rs.4 on first and final call
There was over subscription and applications were received for 4,00,000 shares and the excess applications were rejected by the directors. All the money due were received. Pass the journal entries.

Keerthiga Company issued shares of Rs.10 each at 10% premium, payable Rs.2 on application, Rs.3 on allotment (including premium), Rs.3 on first call and Rs.3 on second and final call. Journalise the transactions relating to forfeiture of shares for the following situations:
(i) Mohan who holds 50 shares failed to pay the second and final call and his shares were forfeited.
(ii) Mohan who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
(iii) Mohan who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.

Divya Ltd. allotted 10,000 equity shares of Rs.10 each at a premium of Rs.2 per share to applicants of 14,000 shares on a pro rata basis. The excess application money will be adjusted towards allotment money. The amount payable was Rs.2 on application, Rs.5 on allotment (including premium of Rs.2 each) and Rs.3 on first call and Rs.2 on final call. Vikas, a shareholder failed to pay the first call and final call on his 300 shares. All the shares were forfeited and out of them 200 shares were reissued @ Rs.9 per share. Pass the necessary journal entries.

Thangam Ltd. issued 50,000 shares of Rs.10 each at a premium of Rs.2 per share payable as follows:

Issue was fully subscribed and the amounts due were received except Priya to whom 500 shares were allotted who failed to pay the allotment money and fist and final call money. Her shares were forfeited. All the forfeited shares were reissued to Devi at Rs.8 per share. Pass journal entries.

State the differences between preference shares and equity shares.

Progress Ltd. issued 50,000 ordinary shares of  Rs.10 each, payable Rs.2 on application, Rs.4 on allotment, Rs.2 on first call and Rs.2 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.

Sampath company issued 25,000 shares at Rs.10 per share payable Rs.3 on application, Rs.4 on allotment, Rs.3 on first and final call. The public subscribed for 24,000 shares. The directors allotted all the 24,000 shares and received the money duly. Pass necessary journal entries.

Saranya Ltd. issued 20,000 equity shares of  Rs.10 each to the public at par. The details of the amount payable on the shares are as follows:

Application money was received on 30,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

Gaja Ltd issued 40,000 shares of Rs.10 each to the public payable Rs.2 on application, Rs.5 on allotment and Rs.3 on first and final call. Applications were received for 50,000 shares. The Directors decided to allot 40,000 shares on pro rata basis and surplus of application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

Lalitha Ltd. offered 30,000 equity shares of Rs.10 each to the public payable Rs.2 per share on application, Rs.3 on share allotment and the balance when required. Applications for 50,000 shares were received on which the directors allotted as:

All the money due was received. Pass journal entries upto the receipt of allotment.

Anjali Flour Ltd. with a registered capital of Rs.4,00,000 in equity shares of Rs.10 each, issued 30,000 of such shares; payable Rs.2 per share on application, Rs.5 per share on allotment and Rs.3 share on first call. The issue was duly subscribed.
All the money payable was duly received but on allotment, one shareholder paid the entire balance on his holding of 500 shares. Give journal entries to record the transactions.

Simon Ltd issued 50,000 equity shares of Rs.10 each at par payable on application Rs.1 per share, on allotment Rs.5 per share, on first call Rs.2 per share and on second and final call Rs.2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 2,000 shares held by Chezhian, who failed to pay the second and final call. His shares were forfeited and reissued to Elango at Rs.8 per share. Journalise the above transactions.

Kanchana Ltd. issued 50,000 shares of Rs.10 each payable as under.

Applications were received for 70,000 shares. Applications for 8,000 shares were rejected and allotment was made proportionately towards remaining applications. The directors made both the calls and the all the amount were received except the final call on 1,500 shares which were subsequently forfeited. Later 1,200 forfeited shares were reissued by receiving Rs.8 per share. Give journal entries.

Viswanath Furniture Ltd. invited applications for 20,000 shares of Rs.10 each at a premium of Rs.2 per share payable.
Rs.2 on application
Rs.5 (including premium) on allotment
Rs.5 on first and final call
There was over subscription and applications were received for 30,000 shares and the excess applications were rejected by the directors. All the money due were received. Pass the journal entries.

United Industries Ltd. issued shares of Rs.10 each at 10% premium payable Rs.3 on application, Rs.4 on allotment (including premium), Rs.2 on first call and Rs.2 on second and final call.
Journalise the transactions relating to forfeiture of shares for the following situations:
(i) Manoj who holds 250 shares failed to pay the second and final call and his shares were forfeited.
(ii) Manoj who holds 250 shares failed to pay the allotment money and first call and second and final call and his shares were forfeited.
(iii) Manoj who holds 250 shares failed to pay the allotment money and first call money and his shares were forfeited after the first call.

Kasthuri Ltd. had allotted 20,000 equity shares of Rs.10 each at a premium of Rs.2 each to applicants of 30,000 shares on a pro rata basis. The amount payable was Rs.3 on application, Rs.5 on allotment (including premium of Rs.2 each) and Rs.2 on first call and Rs.2 on final call. Subin, a shareholder failed to pay the first call and final call on his 500 shares. All the shares were forfeited and out of them 400 shares were reissued @ Rs.8 per share. Pass necessary journal entries.

Vairam Ltd. issued 60,000 shares of Rs.10 each at a premium of Rs.2 per share payable as follows:

Issue was fully subscribed and the amounts due were received except Saritha to whom 1,000 shares were allotted who failed to pay the allotment money and first and final call money. Her shares were forfeited. All the forfeited shares were reissued to Parimala at Rs.7 per share. Pass journal entries.

Aruna Mills Ltd. with a registered capital of Rs.5,00,000 in equity shares of Rs.10 each, issued 20,000 of such shares payable as follows; Rs. 4 per share on application,Rs.4 per share on allotment and Rs.2 per share on first and final call. The issue was duly subscribed. All the money payable was duly received. But on allotment, one shareholder paid the entire balance on his holding of 300 shares. Give journal entries to record the above.