Visharad Ltd, with a share capital od Rs 2,00,000 divided into 4,000 equity shares of Rs 50 each offers equity shares to the public as follows

Rs 10 payable on application, Rs 10 payable on allotment, Rs 15 payable on first call and Rs 15 payable on second call.

Shareholder A who holds 60 equity shares has paid only application money. Shareholder B, who holds 40 equity shares has paid application money on 40 equity shares and allotment money on only 20 equity shares. He has not paid any other calls. Shareholder C who holds 36 equity shares has paid only application and allotment money. Shareholder D who holds 10 equity shares has paid application, allotment, and first call money. Shareholder E who holds 6 equity shares has paid application, allotment and first call money in full and second call money on only 4 equity shares. The company forfeits the shares of the above shareholders who have not paid the arrears.

Journalise above transactions including entries relating to bank in the books of Visharad Ltd.

Record the journal entries for forfeiture and re-issue in the following cases.
(i) X Ltd forfeited 200 shares of Rs 100 each, Rs 70 called up, on which the shareholders had paid application and allotment money of Rs 50 per share. Out of these, 150 shares were re-issued to Naresh as Rs 70 paid-up for Rs 80 per share.
(ii) Y Ltd forfeited 180 shares of Rs 10 each, Rs 8 called-up, issued at a premium of Rs 2 per share to R for non-payment of allotment money of Rs 5 per share (including premium). Out of these, 160 shares were re-issued to Sanjay as Rs 8 called-uo for Rs 10 per share.

Samta Ltd forfeited 800 equity shares of Rs 100 each for the non-payment of first call of Rs 30 per share. The final call of Rs 20 per share was not yet made. Out of the forfeited shares, 400 were re-issued at the rate of Rs 105 per share fully paid-up. Pass necessary journal entries in the books of Samta Ltd for the above transactions.

DN Ltd issued 50,000 shares of Rs 10 each payable as Rs 2 per share on application, Rs 3 per share on allotment and Rs 2 each on first and final call. Applications were received for 70,000 shares. it was decided to
(i) Refuse allotment to the applicant of 10,000 shares.
(ii) Allot 20,000 shares to Mohan who had applied for similar number.
(iii) Allot the remaining shares on pro-rata basis.
Mohan failed to pay the allotment money and Sohan who belonged to the category (iii) and was allotted 3,000 shares paid both the calls with allotment. Find out the amount received on allotment .

Subharti Ltd has a registered share capital of 10,00,000 equity shares of Rs15 each. The company decided to issue 2,50,000 shares at a premium of Rs10 per share, payable as follows
On Ist June Application money of Rs 7 per share.
On Ist July Allotment were accepted.The last date of receiving allotment money of Rs 12 per share (including premium) was 15th July.
On Ist August First and final call of Rs 6 was made due. Last date for receiving final call was 15th August. Journalise in the books of the firm, when
(i) applications were received for 2,30,000 shares.
(ii) applications were received for 3,00,000 shares and the company decided to reject the excess applications.
The company decided to issue bonus shares from the amount of securities premium. Can the company do so? Identify any one value propagated by the company.

Dinesh Ltd issued for public subscription 30,000 equity shares of Rs15 each at par, payable as follows
Rs 7 on application
Rs 5 on allotment
Rs 3 on first and final call
The company received applications for 40,500 shares. Journalise in each of the case mentioned below
(i) When excess applications are rejected.
(ii) When proportionate allotment is made.
(iii) When allotment is made hereunder.
 (a) Applications for 500 shares are rejected.
(b) Applications of 2,000 shares are allotted in full.
 (c) For the balance, pro-rata allotment is made.

Sarthak Ltd issued 1,25,000 equity shares of Rs10 each at a premium of Rs 2.5 per share, the whole amount being payable at the time of allotment. Pass necessary journal entries and prepare the balance sheet of the company, when

(i) Applications are received for 1,25,000 shares.

(ii) Applications are received for 1,20,000 shares

(iii) Applications are received for 1,40,000 shares.

Also, prepare cash book for case (iii) given above.

Digamber Ltd invited applications for 20,000 shares of Rs 10 each, issued at a premium of 25%, payable as follows Rs 4 on application, Rs 5 on allotment (including premium of Rs1.5) and the balance on first and final call (including the remaining premium). All the shares were applied for and allotted. Amount due was duly received. Journalise, When it is the company's policy to maintain cash book.

A company forfeited 100 equity shares of Rs.10 each issued at a premium of 20% for non-payment of final call of Rs.5 including the premium. Show the journal entry for forefeiture of shares.

Life machine tools Limited, issued 50,000 equity shares of Rs 10 each at Rs 12 per share, payable at to Rs 5 on application (including premium), Rs 4 on allotment and the balance on the first and final call.
Applications for 70,000 shares had been received. Of the cash received, Rs 40,000 was returned and Rs 60,000 was applied to the amount due on allotment, the balance of which was paid. All shareholders paid the call due, with the exception of one share holder of 500 shares. These shares were forfeited and reissued as fully paid at Rs 8 per share. Journalise the transactions.