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not been paid by the defaulter amount due on any call (which has not been paid by him) some amount has already been received by
not been paid by the defaulter amount due on any call (which has not been paid by him) some amount has already been received by the company. So, only remainder (ie. Total amount due on call less already received and transferred from applications) has not been paid For this purpose following steps may be taken: Number of applications received can be calculated as under: Total shares applied x Number of Shares alloted to defaulters Total shares allotted Compute the amount received on application as under: Number of shares applied > Application money per share as calculated under step (1) Compute the amount adjusted on application as under: Number of shares alloted > Application money per share Find out the surplus money which can be transferred to allotment or further calls as under: Amount computed as per step (ii) XXX Less: Amount computed under step (iii) XXX Surplus money yet to be adjusted X X X in iv) v) K39 From this surplus money find out whether any amount has been transferred to Securities Premium Account. If yes! then that amount which has been transferred to Securities Premium Account can not be forfeited and only remaining can be forfeited. USTRATION 14. (Pro-rata allotment) Vishwas Limited invited applications for 1.25,000 shares of Rs. 10 per share. The amount was payable as follows: On Application Rs.3 per share On Allotment Rs.4 per share On First and Final Call - Rs. 3 per share - Applications were received for 1,87,500 shares and prorata allotment was made as follows:- CATEGORYI: Applications for 1,00,000 shares was allotted 75,000 shares on prorata basis. CATEGORY II: Applications for 87.500 shares were allotted 50,000 shares on prorata basis. Sarina, to whom 3,000 shares were allotted under Category I, failed to pay allotment money. Her shares were forfeited immediately after allotment. Honey, who had applied for 1.750 shares under Category II, failed to pay the First and Final call money. His shares were also forfeited. Out of these shares. 2.500 shares were re-issued @ 8 per share fully paid-up (2,000 Sarina's share being included.) Pass the necessary Journal Entries. the
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