R.K.Ltd., invited applications for issuing 80,000 equity shares of Rs 10 each at a premium of Rs 35 per share. The amount was payable as follows:
On Application Rs 8 (including Rs 5 premium) per share.
On Allotment Rs 12 (including Rs 10 premium) per share.

On First and Final Call Balance.

Application for 75,000 shares were received and allotment was made to all the applicants. Rahim, a shareholder who was allotted 3,000 shares failed to pay allotment money and his shares were immediately forfeited. Afterwards, the first and final call was made. Suhani who held 3,000 shares failed to pay the final call. Her shares were also forfeited. All the forfeited shares were re-issued for a sum of Rs 62,000 as fully paid up.

Pass the necessary Journal entries for the above transactions in the books of R.K.Ltd.

Sargam Ltd., invited applications for issuing 80,000 equity shares of Rs 100 each at a premium. The amount was payable as follows :

On Application Rs 20 per share.

On Allotment Rs 60 (including premium) per share.

On First and Final Call Rs 40 per share.

Application for 1,20,000 shares were received. Allotment was made on pro-rata basis to all the applicants. Excess money received on applications was adjusted on sums due to allotment. Sitaram, who had applied for 6,000 shares failed to pay the allotment money and Harnam did not pay first and final call on 800 shares allotted to him. The shares of Sitaram and Harnam were forfeited. 4,200 of these shares were re-issued for Rs 100 per share as fully paid up. The re-issued shares included all the forfeited shares of Harnam.

Pass necessary Journal entries for the above transactions in the books of Sargam Ltd.

Q. R Ltd. forfeited 60 shares of Rs 10 each issued at a premium of 20% to Mr. Mohan who had applied for 72 shares, for non-payment of allotment money of Rs 5 per share (including premium) and the first and final call of Rs 5 per share. Out of these, 20 shares were re-issued to Krishan, credited as fully paid for Rs 9 per share, the Profit on re-issue is _____________.

X LTd. issued 8,000 shares of Rs 100 each at a premium of Rs 40 per share. Amount was payable as follows:

$\begin{matrix} Rs. On application & 20 (including premium Rs 10 per share) On allotment & 50 (including premium Rs 30 per share) On first call & 30 On second and final call & 40 \end{matrix}$

Applications were received for 7,500 shares and all were aceepted. All money was received except:

(i) Ashwin, holding 100 shares, failed to pay allotment money and his shares were forfeited after allotment.

(ii) Monika, holding 200 shares, failed to pay first call money and her shares were forfeited after first call.

(iii) Ruchi, holding 300 shares, failed to pay second call money and her shares were forfeited.

All the forfeited shares were reissued at a discount of 5% as fully paid-up.

Pass the necessary journal entries in the books of X Ltd.

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