"Lucky Ltd. invited applications for 50,000 equity shares of Rs. 10 each, payable as Rs 2 on application, Rs. 3 on allotment and the balance on first and final call Applications were received for 1,50,000 shares and the share were allotted on a pro-rata basis, The excess application money was to be adjusted against allotment only. Maya, a holder who had applied for 1,500 shares, failed to pay the call money and her share were forfeited and were reissued a 8 per share as fully paid" Ol. What amount of bank received by the Lucy Ltd. 02: What amount of Share capital will be shown in the balance sheet of Lucky Ltd Q3: What amount will be transfer to capital reserve account
"Lucky Ltd. invited applications for 50,000 equity shares of Rs. 10 each, payable as Rs 2 on application, Rs. 3 on allotment and the balance on first and final call Applications were received for 1,50,000 shares and the share were allotted on a pro-rata basis, The excess application money was to be adjusted against allotment only. Maya, a holder who had applied for 1,500 shares, failed to pay the call money and her share were forfeited and were reissued a 8 per share as fully paid" Ol. What amount of bank received by the Lucy Ltd. 02: What amount of Share capital will be shown in the balance sheet of Lucky Ltd Q3: What amount will be transfer to capital reserve account
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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