X, a shareholder, holding 100 shares of Rs 10 each has paid application money of Rs 2 per share and allotment money of Rs 3 per share, but has failed to pay the first call of Rs 2 per share and second call of Rs 3 per share. His shares were forfeited. What is amount paid up on these shares?

Q. JS Ltd. invited applications for issuing

80, 000

equity shares of Rs.

10

each at a premium of Rs.

6

per share. The amount was payable as follows:
On application Rs.

4

per share (including premium Rs.

1

per share)
On Allotment Rs.

6

per share (including premium Rs.

3

per share)
On First and Final Call Balance.
Applications for

1, 60, 000

shares were received. Applications for

40, 000

shares were rejected and application money refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Raman holding

400

shares failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the final call was made. Veer who had applied for

1, 200

shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares

500

shares were re-issued at Rs.

8

per share fully paid-up. The re-issued shares included all the forfeited shares of Raman.
Pass necessary journal entries for the above transactions in the books of J.S. Ltd.

Amisha Ltd inviting application for 40,000 shares of Rs 100 each at a premium of Rs 20 per share payable; on application Rs 40 ; on allotment Rs 40 (Including premium): on first call Rs 25 and Second and final call Rs 15.

Application were received for 50,000 shares and allotment was made on pro-rata basis. Excess money on application was adjusted on sums due on allotment.

Rohit to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited after allotment. Ashmita, who applied for 1,000 shares failed to pay the

Two calls and his shares were forfeited after the second call. Of the shares forfeited, 1,200 shares were sold to Kapil for Rs 85 per share as fully paid, the whole of Rohit’s shares being included.

Record necessary journal entries.

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A to whom 100 shares of Rs 10 each were allotted at per, paid Rs. 3 on allotment and Rs. 3 on application but could not pay the first and final call money of Rs. 4. His shares were forfeited by directors. The amount to be credited to share forfeited account will be.

The correct option is C Rs. 600Shares Forfeiture account contains the balance of money received on the forfeited shares.Money paid on 100 shares = 3+3 = 6Balance in shares forfeited account = 100*6 = 600

A to whom $100$ shares of Rs $10$ each were allotted at per, paid Rs. $3$ on allotment and Rs. $3$ on application but could not pay the first and final call money of Rs. $4$ . His shares were forfeited by directors. The amount to be credited to share forfeited account will be.

The correct option is C Rs. $600$
Shares Forfeiture account contains the balance of money received on the forfeited shares.
Money paid on 100 shares = 3+3 = 6
Balance in shares forfeited account = 100*6 = 600