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its should be 10 each Pilot Limited company has a nominal share capital of Sh.2,000,000/= comprising 2 00.000 ordinary share of 1/= each. The whole

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its should be 10 each
Pilot Limited company has a nominal share capital of Sh.2,000,000/= comprising 2 00.000 ordinary share of 1/= each. The whole of the capital was issued at par on the following terms Payable on application 15% per share Payable on allotment 20% per share Payable on firs call 30% per share 35% per share Payable final call Applications were received for 250,000 shares and it was decided to allot share on the basis of 4 for every 5 applied for. The balance of application monies was applied to the allotment, no cash was refunded. The members paid balance of allotment monies The calls were made and paid in full by members with exception of one who failed to pay first and final call on 1000 shares allotted to him. A resolution was passed by the directors to forfeit the shares. The forfeited shares were later reissued to All Schneider Bell at 75% of nominal price each. Required Show ledger accounts recording all the above transactions using journal entries (15 Marks)

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