Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
65 views
in Accounts by (55.9k points)
closed by

Max Ltd., invited applications for2,00,000 Equity shares of ₹10 each to be issued at 20% premium. The money payable per share was: On Application ₹5,on allotment ₹4(including premium of ₹2) , First call ₹2 and Final call ₹1.Applications were received for 2,40,000 shares and allotment was made as:

i. To applicants for 1,00,000 shares in FULL 

ii. To applicants for 80,000 shares –60,000 shares, 

iii. To applicants for 60,000 shares—40,000 shares.

Applications of 1000 shares falling in category (i) and applicants of 1200 shares falling in category (ii) failed to pay allotment money. These shares were forfeited on failure to pay the first call. Holders of 1200 shares failing in category (iii) failed to pay the first and final call and these shares were forfeited after final call. 1300 shares (1000 of category (i) and 300 of category(ii) were reissued at ₹8 per share as fully paid up.

1. How much is the total forfeited money on all categories of shares? 

a. ₹19,400 

b. ₹11,000 

c. ₹8,400 

d. ₹20,000

2. Mention the paid up capital of the company after all the calls is made. 

a. ₹19,94,400 

b. ₹19,00,000 

c. ₹20,00,000 

d. ₹20,94,400

3. How much balance is shown in the balance sheet under the head shareholders funds? 

a. ₹23,95,000 

b. ₹24,95,000 

c. ₹25,95,000 

d. ₹2,95,000

4. The journal entry for allotment money received is: 

a. Bank a/c Dr 5,93,900 To Share allotment a/c 5,93,900 

b. Bank a/c Dr6,00,000 To share allotment a/c 6,00,000 

c. Bank a/c Dr5,95,000 To Share allotment a/c 5,95,000 

d. Bank a/c Dr6,05,000 To share allotment a/c 6,05,000

1 Answer

+1 vote
by (50.7k points)
selected by
 
Best answer

1. a. ₹19,400

2. a. ₹19,94,400

3. a. ₹23,95,000

4. a. Bank a/c Dr 5,93,900 To Share allotment a/c 5,93,900

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...