1 X Ltd.

invited applications for 20,000 equity shares of ₹ 10 each, payable ₹ 3 on application, ₹ 2 on

allotment and ₹ 2.5 on first and ₹ 2.5 on final call. The company received applications for 30,000 shares
and allotment was made as under:
To applicants for 8,000 shares Full allotment
To applicants for 16,000 shares 12,000 shares
To applicants for 6,000 shares Nil
All money was duly received. Pass necessary journal entries in the books of the Company.
2 Govind Ltd. invited applications for 20,000 equity shares of ₹ 10 each, at a premium of ₹ 3 per share,
Payable ₹ 4 on application, ₹ 5 on allotment [including premium ] ₹ 2 on first and ₹ 2 on final call. The
company received applications for 27,000 shares and allotment was made as under:
To applicants for 16,000 shares Full allotment
To applicants for 6,000 shares 4,000 shares
To applicants for 5,000 shares Nil
All money was duly received. Pass necessary journal entries in the books of the Company
3 X Ltd. invited applications for 60,000 equity shares of ₹ 10 each at a premium of 20%, payable as
₹ 5 on application [ including premium],
₹ 3 on allotment and
₹ 4 on first and final call.
The company received applications for 75,000 shares and allotment was made as under:
To applicants for 40,000 shares Full allotment
To applicants for 25,000 shares 20,000 shares
To applicants for 10,000 shares Nil
All money was duly received. Pass necessary journal entries in the books of the Company.
4 MCS.Ttd issued 40,000 shares of Rs 10 each payable at Rs 2 on application, Rs 4 on allotment and
balance, in two equal installments.
Applications were received for 80,000 shares and the allotment was made as follows:
(i) Applications of 50,000 shares were allotted 30,000 shares.
(ii)Applications of 30,000 shares were allotted 10,000 shares.
All money was duly received. Pass necessary journal entries in the books of the Company. (Delhi 2010c;
All India 2009)
5 Meena Ltd issued 60,000 shares of Rs 10 each at a premium of Rs 2 per share payable as Rs 3 on
application, Rs 5 on allotment (including premium) and balance on the first and final call. Applications
were received for 1,02,000 shares.
The directors resolved to allot as follows
(i)Applicants of 60,000 shares — 30,000 shares
(ii) Applicants of 40,000 shares — 30,000 shares
(iii)Applicants of 2,000 shares — Nil
All money was duly received. Pass necessary journal entries in the books of the Company.
6 Petromax Ltd issued 50,000 shares of Rs 10 each at a premium of Rs 2 per share payable as Rs 3 on
application, Rs 5 including premium on allotment and balance in equal instalments over two calls.
Applications were received for 92,000 shares and the allotment was done as under
(i)Applications of 40,000 shares – Allotted 30,000 shares
(ii)Applications of 40,000 shares – Allotted 20,000 shares
(iii)Applications of 12,000 shares – Nil
It was decided that excess amount received on applications would be utilized on allotment and calls.
Pass necessary journal entries in the books of Petromax Ltd for the above transactions. (Delhi; All India
2009)
7 Jaya Ltd issued 60,000 shares of Rs 10 each at a premium of Rs 2 per share payable as Rs 3 on
application, Rs 5 (including premium) on allotment and balance on the first and final call. Applications
were received for 82,000 shares. The directors resolved to allot as follows
(i)Applicants of 30,000 shares — allotted 20,000 shares
(ii)Applicants of 50,000 shares — allotted 40,000 shares
(iii)Applicants of 2,000 shares — Nil
It was decided that excess amount received on applications would be utilized on allotment and calls
Pass necessary journal entries in the books of Jaya Ltd for the above transactions
(All India 2009)
8 Sugandh Ltd. issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as ₹ 3 on
application, ₹ 5(including premium) on allotment and the balance on first and final call. Applications
were received for 92,000 shares. The Directors resolved to allot as:
(i)Applicants of 40,000 shares — allotted 30,000 shares
(ii)Applicants of 50,000 shares— allotted 30,000 shares
(iii) Applicants of 2,000 shares— Nil
It was decided that excess amount received on applications would be utilized on allotment and calls
Pass necessary journal entries in the books of Sugandh Ltd for the above transactions
9 Sony Media Ltd. issued 50,000 shares of ₹ 10 each payable ₹ 3 on application , ₹ 4 on allotment and
balance on first and final call . Applications were received for 1,00,000 shares and allotment was made as
follows :
(i) Applicants for 60,000 shares were allotted 30,000 shares,
(ii) Applicants for 40,000 shares were allotted 20,000 shares,
It was decided that excess amount received on applications would be utilized on allotment and calls
Pass necessary journal entries in the books of Sugandh Ltd for the above transactions
10 Software Solution India Ltd. invited applications for 20,000 equity shares of ₹ 100 each, payable ₹ 40 on
application, ₹ 30 on allotment and ₹ 30 on first and final call. The company received applications for
32,000 shares.
Applications for 2,000 shares were rejected and money returned to applicants.
Applications for 10,000 shares were accepted in full and
Applicants for 20,000 shares allotted half of the number of shares applied and excess application money
adjusted into allotment. All money due on allotment and call was received. Prepare entries
11 Arun Ltd. issued ₹ 10,00,000 shares of ₹ 100 each at a premium of ₹ 20 for subscription payable as:
₹ 10 per share on application,
₹ 40 per share and ₹ 10 premium on allotment, and
₹ 50 per share and ₹ 10 premium on final payment.
Over-payments on application were to be applied towards amount due on allotment and calls. Issue was
oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 shares and
applicants for 2,000 shares were sent letters of regret. All the money due on allotment and final call was duly
received. Pass necessary entries in the company's books to record the above transactions.
12 X Ltd issued 40,000 equity shares of Rs 10 each at a premium of Rs 2.50 per share. The amount was
payable as follows
On application Rs 2 per share
On allotment Rs 4.50 per share (including premium)
and on call Balance Rs 6 per share
Owing to heavy subscription the allotment was made on pro-rata basis as follows
(i)Applications for 20,000 shares were allotted 10,000 shares.
(ii)Applications for 56,000 shares were allotted 14,000 shares.
(ii)Applications for 48,000 shares were allotted 16,000 shares.
It was decided that excess amount received on applications would be utilized on allotment and calls.
Pass necessary journal entries in the books of X Ltd for the above transactions.(Delhi 2011)