Issue, Forfeiture and Re-issue of shares

Ruda Ltd issues prospectus for 50,000shares 9%Preference share of Rs30 each at a premium of Rs 2.Payable as to Rs15 with application, Rs5 on allotment, Rs 7 on first call (premium of Rs 2 ) 7 & Rs 5 on final call. subscription list was open 5/4/2015 & revealed that application received for 60,500 shares. The BOD meeting held on 7/5/2015 & rejected on 1 application for 500 shares on technical grounds & allotted on pro-rata basis & made the due date of payment of allotment money as 28/5/2015. First call & final call were made 17/7/2015 and 18/9/2015 respectively and there corresponding due date for payment were fixed date are 7/8/2015 and 11/10/2015. All the money duly received accepting Mr.X who apply for 12 shares could not pay the first call money his shares were forfeited on 14/8/2015. And all the forfeited shares were re-issued on 16/10/2015 @ Rs12, @ Rs15 and@ Rs33.

asked Aug 4, 2016 in Company Accounts-Accounting for Share Capital by Amrita (2 points) 724 views

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answered Aug 6, 2016 by jbsclasses (3,971 points)