Amar trading Company issued 10,000 equity shares of Rs.10 each at a premium of Rs.2 per share. The amount was payable as follows :Rs.2 on application , Rs.5 an allotment(including premium), Rs.3 on first call and Rs.2 on final call. All the shares were subscribed and money duly received except the final call on 1,000 shares. The directors forfeited the shares and reissued as fully paid at Rs.8 per share. Give journal entries for forfeiture and reissue in the books of the company

Q: Amex Ltd. Forfeited 10 shares of Re. 10 each (Re. 6 called up) issued at a discount of 10 % to Mr. Y…

A:

Q: Bonita Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Calculate the total allocation. Journal entry:

Q: Sandhill Ltd. offered to sell common shares on a subscription basis. Each subscription allowed for…

A: Share subscription is the procedure through which people or organizations buy freshly issued shares…

Q: Sahali Corp. issued 1,000,000 common shares at $7 a share during April Year 1. On September 23, Year…

A: The shares being repurchased are recorded in the treasury stock.

Q: Shaktiman Co. issued 60000 shares @ 10 each and received all the money except the final call money…

A: Share reissue means to re issue the shares forfeited by the entity in the market. It is done when…

Q: Swifty Corporation sold 310 shares of treasury stock for $35 per share. The cost for the shares was…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: On May 3, Zirbal Corporation purchased 7,000 shares of its own stock for $49,000 cash. On November…

A: recording of journal entry of above transaction are as follows

Q: On 1.4.2007 Mr.Krishna Murty purchased 1,000 equity shares of Rs.100 each in TELCO Ltd@Rs.120each…

A: An equity share is a type of stock that gives investors the ability to vote, share the profit, and…

Q: Riverbed Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Journal entries refer to the process of systematic documentation of the financial transactions of a…

Q: The directors of M Ltd. Resolved that 2000 equity shares of Rs 10 each on which Rs. 7.50 was paid be…

A: Companies can forfeit the shares if the shareholder hasn't paid the calls. The journal entry for…

Q: Abhinav Bhoomika Shramana & Co. issued a prospectus inviting application for 1,00,00 shares of Rs.…

A: Company means the form of business where management is separately from owner and have perpetual…

Q: 4. Coca Cola Amatil capital consisted of 172,000 shares issued at $2.00 and paid to $1.75 per…

A: Company means the form of business where management is separately from owner and have perpetual…

Q: If the cost method is used to record treasury stock transactions, to record the sale of the 5,000…

A: Given information is: Long Co. issued 100,000 shares of  P10 par ordinary shares  for P1,200,000.…

Q: Emma Consulting had previously purchased 2,439 shares of treasury stock for $8 per share.  Emma then…

A: Solution: Cost of treasury stock sold = 935*$8 = $7,480

Q: night Corp. holds 20,000 shares of its $10 par common stock as treasury stock reacquired in Year1…

A: Treasury stock is that part of the common stock of the company that is re-purchased by the issuing…

Q: Rodriguez Corporation issues 16,000 shares of its common stock for $193,600 cash on February 20.…

A: Lets understand the basics. Journal entries are those which are recorded in the books in order to…

Q: MUSCAT SAOG has registered its capital as 5,000,000 divided into 5,000,000 shares of OMR 1 each. The…

A: Calculation of number of shares rejected by the company:::: Offered shares::30,00,000.....…

Q: Bloosom Corporation has issued 2,000 ordinary shares and 400 preference shares for à luE Required:…

A: The different shares issued for lump sum payment are allocated the money on the basis of ratio of…

Q: Moonwalker Corporation issued 2,000 shares of its $10 par value common stock for $60,000. Moonwalker…

A: Issuance of stock: It refers to the number of shares that are sold to the stockholders from number…

Q: On May 3, Zirbal Corporation purchased 8,500 shares of its own stock for $93,500 cash. On November…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: Lacan Products Ltd. invited applications for 500,000 ordinary shares of $1 each at $1.30, payable…

A: Share capital: Share capital is the summation of the value invested by the owners of the company in…

Q: A company invited applications for 1,00,000 shares of 10 each payable 23 on application, *3 on…

A: Share refers to a unit of total capital of the company that is held by the owners and other…

Q: Blossom Ltd. issued 19,000 common shares upon conversion of 14,000 preferred shares. The conversion…

A: Journal Entry :Method of recording financial transactions in the book of original entry by debiting…

Q: Marigold Inc., issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: MUSCAT SAOG has registered its capital as 5,000,000 divided into 5,000,000 shares of OMR 1 each. The…

A: Paid up capital = Number of Shares upon which shares are fully paid x Called Up amount per share

Q: Sunshine Clothing Company issues 1,000 shares of $1 par value common stock at $30 per share. Later…

A: When a company purchases its own stock, it is referred to as treasury stock. This repurchase can…

Q: On December 1, DOS Corporation issued 1,000 shares of its par ordinary share capital and 2,000…

A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

Q: MUSCAT SAOG has registered its capital as 5,000,000 divided into 5,000,000 shares of OMR 1 each. The…

A: Calls in arrears = No. of shares who did not pay the call amount x call amount  per share

Q: On April 16, Year 1, Rodriguez Corporation reacquired 12,000 shares of its own $10 par stock for…

A: The treasury stock includes the own shares of the company that are purchased from the shareholders.…

Q: WW Corp. resells 500 shares of its own common stock for $22 per share. WW had acquired these shares…

A: When a company issue shares in the market and due to any reasons company has the option to…

Q: Ehrlich Corporation has issued 3,000 shares of common stock and 400 shares of preferred stock for a…

A: Shareholder's fund: Shareholder's fund is the term used to describe the total amount invested by…

Q: Lancer, Inc received building with fair value of $400,000 in exchange for 30,000 shares of its $3.00…

A: The asset shall be recorded at fair value of the asset itself or fair value of the shares, whichever…

Q: Coronado Industries has issued 1,500 shares of common stock and 300 shares of preferred stock for a…

A: The issue price of the stock could be issued at par, premium or discount. If the proceed from…

Q: On May 3, Zirbal Corporation purchased 5,500 shares of its own stock for $49,500 cash. On November…

A: Journal Entry :— It is act of recording transaction in books of account when transaction occurred.…

Q: Vaughn Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Eee ltd. forfeited 200 shares of Rs 10 (Re 8 called up) on which the holder had paid application and…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Nash Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred…

A: Common Stocks and Preferred Stocks are the form of equity issued by an organization to raise funds.…

Q: Aptech Ltd. Forfeited 300 shares of Re. 10 each , on which first call of Re. 3 per share was not…

A: Date Account title and explanation Debit ($) Credit ($)   Share capital         3,000…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.