1. AKONFEM Ltd. is issuing 10,000 shares on the following terms:
On Application AllotmentFirst CallGHC400 GHC300 GHC200 GHC100Final CallApplications have been received for 18,000 shares, which they decided to deal with them as follows:
On 5th March 2014 they decided to reject applications for 3,000 shares and the monies so received are refundedApplications for 6,000 shares were accepted in full andApplications for 9,000 shares were accepted pro-rata. Any excess application monies so received were transferred to allotment and call accounts. Any excess application money still remaining is to be repaid.
The allotment monies were due on March 30th 2014. The first call was made on 5th May 2014. The final call was made on 1st June 2014, and on that date an applicant to whom 500 shares have been allotted defaulted. The shares were subsequently forfeited and re-issued to Opele at GHC 600 each payable on application.
Prepare the necessary ledger accounts and show the extract of the Statement of Financial Position.
Question 2: ONE LUV CO. LTD. was incorporated with 20,000 authorized ordinary shares of no par value; 10,000 of which were issued and fully paid for as at 1st January. The stated capital of the company at that date was GHC 17,250,000The company subsequently invited application for 7,500 ordinary shares at GHC 3,000 per share, payable as follows;
On Application Allotment Calls August 1st 2014August 31st 2014 October 11thGHC 2,000 per share GHC 500 per share GHC 500 per share 2014 Applications were received for 9,000 shares and on August 8th it was decided to deal withthem as follows:
a. To reject applications of 500 shares and monies relating to these shares immediately refunded b. To give full allotment to applicants of 1,000 shares
c. To allot the remainder on pro-rata and
d. To utilize excess application monies in part payment of amounts due on allotment
An applicant to whom 100 shares had been allotted failed to pay the calls monies and these shares were forfeited on October 31st 2014. Half of these shares were re-issued and fully paid at GHC 2,100 per share.
a. Show the necessary ledger accounts
b. Show the extract of the Statement of Financial Position answer both they are different questions.
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