Answered step by step
Verified Expert Solution
Question
1 Approved Answer
bn Particulars Note Current No. Year Previous Year I. EQUITY AND LIABILITIES: Shareholder's Funds (a) Share Capital 1 1 19,85,000 2 |(6) Reserves and Surplus
bn
Particulars Note Current No. Year Previous Year I. EQUITY AND LIABILITIES: Shareholder's Funds (a) Share Capital 1 1 19,85,000 2 |(6) Reserves and Surplus H. ASSETS : Current Assets : 1,96,000 21,81,000 q42 Cash and Cash Equivalents 3 3 21,81,000 Notes to Accounts: 20,00,000 (1) Share Capital: Authorised : Issued: 20,000 shares of 100 each fully paid Subscribed & Fully Paid Capital 19,700 Shares of 100 each fully paid 19,70,000 Add: Share Forfeiture A/c 15,000 (2) Reserves & Surplus: Capital Reserve A/C Securities Premium Reserve A/c 19,85,000 6,000 1,90,000 1,96,000 (3) Cash and Cash Equivalents: Cash at Bank 21,81,000 Q. 49. On March 1, 2016, the Directors of Sahara Ltd. issued 10,000 Equity Shares of 100 each at 3125 per share, payable 350 on application (including premium), 345 on allotment and the balance on 1st June, 2016. The lists closed on March 10, 2016 by which date applications for 16,000 shares were received. Of the cash received, 350,000 was returned and 2,50,000 was applied to the amount due on allotment, the balance of which was paid on March 16,2016. Call money was received on 1st June, 2016 with the exception of one allotted of 200 shares. These shares were forfeited on October 15, 2016 and reissued as fully paid at 110 per share on December 3, 2016. Record necessary journal entries in the books of Sahara Ltd. using a joint account of application and allotmentStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started