What amount bank received by the Lucy Ltd

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Reference no: EM132833163

Question - Lucky Ltd. invited applications for 50,000 equity shares of Rs. 10 each, payable as Rs. 2 on application, Rs. 3 on allotment and the balance on first and final call. Applications were received for 1,50,000 shares and the share were allotted on a pro-rata basis, The excess application money was to be adjusted against allotment only. Maya, a holder who had applied for 1,500 shares, failed to pay the call money and her share were forfeited and were reissued @ 8 per share as fully paid.

Required -

a) What amount bank received by the Lucy Ltd.

b) What amount of Share Capital will be shown in the balance sheet of Lucky Ltd.

c) What amount will be transferred to capital reserve account.

Reference no: EM132833163

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