Q1. ABC Ltd. Offered 2, 00,000 ordinary shares of Rs. 20 each for public subscription as follows:

Ordinary shares

Payable on application 6.00

Payable on allotment 7.00

Payable on first call 4.00

Payable on second call 3.00

Processing of application went as follows:

June 1 Applications were invited.

June 4 Applications are received for 2, 10,000 ordinary shares.

June 6 Applications for 10,000 ordinary shares are rejected and their application money refunded.

June 13 Allotment letters are issued to 2, 00,000 applicants for ordinary shares.

June 20 The allotment money due on ordinary shares are received in cash.

June 25 First call is made.

July 5 First call is received on all shares except 500 of them.

Make journal entries for all the above mentioned transactions

Q2. ABC Ltd. was registered with 1, 00,000 ordinary shares of Rs. 15 each. It later offered 60,000 shares for public subscription as follows:

Rs. 4.00 on application

Rs. 5.00 on allotment

Rs. 3.00 on first call

Rs. 3.00 on second call

Applications were received for only 50,000 ordinary shares. By December 20, 2018 the company had issued all the shares applied for and received applications and allotment moneys. It had also received the first call on all the issued shares except 500 of them, but the second call had not yet been made.

Compute the various forms of share capital.