Following is the balance sheet of Kalpataru Construction Ltd. as on 31st M arch, 2011. Liabilities Rs Rs 20,000 12% preference shares of 50 each fully called-up 10,00,000 Less: Calls unpaid ( 10 per share) 20,000 9,80,000 1,00,000 equity shares of 10 each; 7.50 per share called-up 7,50,000 Less: Calls unpaid 7,500 7,42,500 Securities premium 50,000 General Reserve 6,00,000 Calls in advance (final call on equity shares) 2,500 Assets:
Following is the
|
Liabilities |
Rs |
Rs |
|
20,000 12% |
10,00,000 |
|
|
Less: Calls unpaid ( 10 per share) |
20,000 |
9,80,000 |
|
1,00,000 equity shares of 10 each; 7.50 per share called-up |
7,50,000 |
|
|
Less: Calls unpaid |
7,500 |
7,42,500 |
|
Securities premium |
50,000 |
|
|
General Reserve |
6,00,000 |
|
|
Calls in advance (final call on equity shares) |
2,500 |
|
|
Assets: |
||
|
Fixed assets |
12,25,000 |
|
|
Investment |
2,00,000 |
|
|
Cash and bank balance |
9,50,000 |
|
|
23,75,000 |
On 1st April, 2011 the Board of directors decide that:
(a) The fully paid preference shares are to be redeemed at a premium of 5% in May, 2011 and for that purpose 50,000 equity shares of Rs.10 each are to be issued at par in the month of April, 2011.
(b) The 1,000 equity shares owned by A an existing shareholder, who has failed to pay the allotment money and the 1st call money @ 2.50 each share are to be forfeited in the month of June, 2011.
(c) The final call of Rs.2.50 per share is to be made in the month of July, 2011.
All the above are duly complied with according to the time schedule. The amount due on the issue of fresh equity shares and on final call are also duly received except from B who had failed to pay the 1st call money for his 1,000 shares holding, has again failed to pay the final call also. These shares of B have been forfeited, in the month of August, 2011. On the total shares forfeited, 1,500 shares are sold to X in September, 2011 credited as fully paid for Rs.9 per share, the whole of A?s shares being included.
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