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kindly solve as per Indian Company Act, 2013 Q.1. (a) BG Ltd. invited applications for 1,00,000 equity shares of 10 each at a premium of
kindly solve as per Indian Company Act, 2013
Q.1. (a) BG Ltd. invited applications for 1,00,000 equity shares of 10 each at a premium of 2 per share payable as follows : on application 22.50 .on allotment 4.50(including premium).on first calR2.50 and on final call 2.50 per share. Applications were received for 1,50.000 shares and shares were allotted pro-rata to the applicants for 1,20,000 shares and remaining were rejected.excess money paid on application was adjusted against sums due on allotment. A, who was allotted 200 shares.could not pay the sums due on allotment Shares held by him were forfeited on his failure to apy the first call.B. holding 300 shares .could not pay the two calls. The company forfeited his shares after the final call was made Pass entries in the journal of BG Ltd (b) What is minimum subscription ?How is it different from oversubscription and under subscription. Explain and illustrate. Q.2. A Ltd acquired the business of B Ltd on 31 March 2012 for a purchase consideration of Rs.2:50,00,000 to be paid by fully paid equity shares of Rs.10 each. The balance sheets of two companies on the date of acquisition were as follows: A Ltd. B Ltd A Ltd. B Ltd. 12000000 8000000 Equity shares 25000000 15000000 Land & of Rs.10 each Building fully paid Plant & General Machinery Reserve 12000000 1800000 20000000 18000000 Assignment Development 1000000 3700000 Rebate Reserve Furniture Stock Sundry Debtors 1000000 5500000 4500000 2000000 4000000 4000000 2000000 1000000 1500000 Bank 1700000 P&L Alc Workmen Compensation Fund 5300000 2400000 4500000 Current Liabilities 9500000 45000000 37700000 45000000 37700000 Pass the necessary journal entries in the books of A Ltd when amalgamation is in the nature of merger. Also prepare the Balance sheet of A Ltd after amalgamation assuming that Development Rebate Reserve and Workmen Compensation Fund of B Ltd are required to be continued in the books of A LtdStep by Step Solution
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