(iv) The loss on dissolution was ₹ 10,000 .
Pass necessary journal entries for the above transactions in the books of the firm.
Q.23 High India Ltd. Invited applications for 30,000 Shares of 100 each at a premium of 20 per share payable as follows:
(6)
\( \begin{array}{ll}\text { On Application } & ₹ 40 \\ \text { On Allotment } & ₹ 30 \\ \text { On Fist Call } & ₹ 30 \\ \text { On second and Final Call } & ₹ 20\end{array} \)
Applications were received for 40,000 shares and prorata allotment was made an the application for 35,000 share. Excess application money was utilises towards allotment.
Rohan, to whom 600 share were alloted, failed to pay the allotment money and his share were forfeited immediately after allotment. Aman, who applied for 1,050 share failed to pay first call and his share were forfeited immediately after first call second. Final call was made. Ali the moriey due or second call have been received. Of these shares forfeited, 1,000 share were reissued as fully paid for \( ₹ 80 \) per share which included the whole of Aman shares.
