Lucky Ltd. invited applications for 50,000 equityshares of Rs. 10 each, payable as Rs. 2 o
Lucky Ltd. invited applications for 50,000 equityshares of Rs. 10 each, payable as Rs. 2 on application, Rs. 3 on allotment and the balance on first and final call. Applications were receivedfor 1,50,000 shares and the share were allotted on a pro-rata basis, The excess applicationmoney 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."
Q1 What amount of bank received by the Lucy Ltd.Q. 2 What amount of Share capital will be shown in the balance sheet of Lucky Ltd.Q. 3 What amount will be transfer to capital reserve account.