BP Limited issued a prospectus inviting applications for 1,20,000 equity shares of 10 each at a premium of 2 per share payable as follows: On Application -3 per share On Allotment - 5 per share (including premium) On First and Final Call - 4 per share Applications were received for 3,60,000 equity shares. Applications for 80,000 shares were rejected and the money refunded. Shares allotted to remaining applications as follows: Category No. of shares Applied No. of shares Allotted I 1,60,000 80,000 II 1,20,000 40,000 Excess money received with applications was adjusted towards sums due on Allotment and the balance amount returned to the applicants. All calls were made duly received except the final call by a shareholder belonging to Category I who has applied for 680 shares. His shares were forfeited. The forfeited shares were reissued at 13 per share fully paid-up. Pass necessary journal entries for the above transactions in the books of BP Ltd. Open call in arrears account whenever required. [June 2023, 15 Marks]; [MTP Jan. 2025]
Options
A
B
C
D
For any discrepancies in this question, email contact@cadada.in