1) Maharashtra Transport Co. Invited Application for 40000 shares of Rs.100 each at a discount of Rs.4 per share.The amount was to be paid as follows On Application : Rs20/- On Allotment Rs.36/- On first & final call Rs.40 The public applies for 36000 shares and there fully allotted. All the dues were collected with the exception of first and final call on 4000 shares and these were forfeited . 4000 of these shares were re-issued as fully paid for a payment of Rs.30 per share. Make Journal Entries in the Journal of the Company.

1) Maharashtra Transport Co. Invited Application for 40000 shares of Rs.100 each at a discount of Rs.4 per share.The amount was to be paid as follows On Application : Rs20/- On Allotment Rs.36/- On first & final call Rs.40 The public applies for 36000 shares and there fully allotted. All the dues were collected with the exception of first and final call on 4000 shares and these were forfeited . 4000 of these shares were re-issued as fully paid for a payment of Rs.30 per share. Make Journal Entries in the Journal of the Company.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Explain the main difference between a bond and a common shares?
What is the general ledger account used in recognizing watered shares?
Describe the accounting and reporting for reacquisition of shares.
Record the issuance of shares when sold for cash and for noncash consideration
Define Reacquired Shares.
What are stock rights? How does the issuing companyaccount for them?
Distinguish between accounting for retired shares and for treasury shares.
Define outstanding stock.