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प्रश्न
Ashoka Limited Company which had issued equity shares of Rs.20 each at a premium of Rs. 4 per share, forfeited 1,000 shares for non-payment of final call of Rs.2 per share. 400 of the forfeited shares were reissued at Rs.14 per share out of the remaining shares of 200 shares reissued at Rs.20 per share. Give journal entries for the forfeiture and reissue of shares and show the amount transferred to capital reserve and the balance in Share Forfeiture Account.
उत्तर
Books of Ashoka Limited
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
||
|
|
Share Capital A/c |
Dr. |
|
20,000 |
|
|
|
|
|
To Final Call A/c |
|
|
2,000 |
|
|
|
|
To Share Forfeiture A/c |
|
|
18,000 |
|
|
|
(1,000 Shares of 20 per share forfeited for nonpayment of Share Final Call money @ ₹2 per share) |
|
|
|
||
|
|
Bank A/c (400×14) |
Dr. |
|
5,600 |
|
|
|
|
Share Forfeiture A/c (400×6) |
Dr. |
|
2,400 |
|
|
|
|
|
To Share Capital A/c |
|
|
|
8,000 |
|
|
(400 shares @ ₹20 per share reissued for ₹14 per share fully paid-up) |
|
|
|
||
|
|
Bank A/c |
Dr. |
|
4,000 |
|
|
|
|
|
To Share Capital A/c |
|
|
|
4,000 |
|
|
(200 shares @ ₹20 per share reissued for ₹20 per share fully paid-up) |
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
8,400 |
|
|
|
|
|
To Capital Reserve |
|
|
|
8,400 |
|
|
(Balance of 600 shares in Share Forfeiture Account transferred to Capital Reserve Account, after reissue) |
|
|
|
||
Balance in Share Forfeiture Account (18,000 - 10,800) = Rs 7,200
Working Notes:
For 400 Shares
|
Share Forfeiture Account credited |
₹18 per share |
|
Less: Share Forfeiture Account debited |
₹6 per share |
|
Amount transferred to Capital Reserve Account, after adjustment |
₹12 per share |
Amount of 400 shares transferred to Capital Reserve Account, after reissue
= 400 Shares @ ₹ 12 per share
= Rs 4,800
For 200 Shares
|
Share Forfeiture Account credited |
₹18 per share |
|
Less: Share Forfeiture Account debited |
Nil |
|
Amount transferred to Capital Reserve Account, after adjustment |
₹18 per share |
Amount of 200 shares transferred to Capital Reserve Account, after reissue
= 200 Shares @ Rs 18 per share
= ₹3,600
Total amount transferred to capital reserve account for 600 shares
=Capital reserve for 400 shares + capital reserve for 200 shares
= 4,800+3,600
= 8,400
Note: As per the answer amount transferred to capital reserve is ₹6,800 however, it is not correct as the shares reissued at a discount will be provided through Share Forfeiture Account and the valance will be ₹8,400.
APPEARS IN
संबंधित प्रश्न
Rupak Ltd. issued 10,000 shares of Rs 100 each payable Rs 20 per share on application, Rs 30 per share on allotment and balance in two calls of Rs 25 per share. The application and allotment money were duly received. On first call all member pays their dues except one member holding 200 shares, while another member holding 500 shares paid for the balance due in full. Final call was not made. Give journal entries and prepare cash book.
Bansal Heavy machine Ltd purchased a machine worth Rs 3,80,000 from Handa Trader. Payment was made as Rs 50,000 cash and remaining amount by issue of equity share of the face value of Rs 100 each fully paid at an issue price of Rs 110 each. Give journal entries to record the above transaction.
Kishna Ltd issued 15,000 shares of Rs 100 each at a premium of Rs 10 per share, payable as follows:
|
On application |
Rs 30 |
|
On allotment |
Rs 50 (including premium) |
|
On first and final call |
Rs 30 |
All the shares subscribed and the company received all the money due, With the exception of the allotment and call money on 150 shares. These shares were forfeited and reissued to Neha as fully paid share of Rs 12 each Give journal entries in the books of the company.
Arushi Computers Ltd. issued 10,000 equity shares of Rs. 100 each at 10% premium. The net amount payable as follows:
|
On application |
Rs. 20 |
|
On allotment |
Rs. 50 (Rs. 40 + premium Rs. 10) |
|
On first call |
Rs. 30 |
|
On final call |
Rs. 10 |
A shareholder holding 200 shares did not pay final call. His shares were forfeited. Out of these 150 shares were reissued to Ms. Sonia at Rs. 75 per share. Give journal entries in the books of the company.
Himalaya Company Limited issued for public subscription of 1,20,000 equity shares of Rs 10 each at a premium of Rs 2 per share payable as under :
|
With Application |
Rs 3 per share |
|
On allotment (including premium) |
Rs 5 per share |
|
On First call |
Rs 2 per share |
|
On Second and Final call |
Rs 2 per share |
Applications were received for 1,60,000 shares. Allotment was made on pro-rata basis. Excess money on application was adjusted against the amount due on allotment.
Rohan, whom 4,800 shares were allotted, failed to pay for the two calls. These shares were subsequently forfeited after the second call was made. All the shares forfeited were reissued to Teena as fully paid at Rs 7 per share.
Record journal entries in the books of the company to record these transactions relating to share capital. Also show the company’s balance sheet.
Amisha Ltd inviting application for 40,000 shares of Rs 100 each at a premium of Rs 20 per share payable; on application Rs 40 ; on allotment Rs 40 (Including premium): on first call Rs 25 and Second and final call Rs 15. Application were received for 50,000 shares and allotment was made on pro-rata basis. Excess money on application was adjusted on sums due on allotment. Rohit to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited after allotment. Ashmita, who applied for 1,000 shares failed to pay the Two calls and his shares were forfeited after the second call. Of the shares forfeited, 1,200 shares were sold to Kapil for Rs 85 per share as fully paid, the whole of Rohit’s shares being included. Record necessary journal entries.
Star Ltd. is registered with capital of ₹ 50,00,000 divided into 50,000 equity shares of ₹ 100 each, The Company issued 25,000 equity shares for subscription. Subscription was received for 23,750 shares and all the due amount was duly received, except the first and final call of ₹ 20 per share on 600 shares. Show the 'Share Capital' in the Balance Sheet of the company.
Hema Ltd. invited applications for 10,000 shares of ₹ 100 each payable as follows:
₹ 20 on application, ₹ 30 on allotment, ₹ 20 on first call and the balance on final call.
All the shares were applied and allotted. All the money was duly received.
You are required to Journalise these transactions.
Marigold Ltd . was registered with the authorized capital of ₹ 3,00,000 divided into 3,000 shares of ₹ 100 each, which were offered to the public . Amount payable as ₹ 30 per share on application , ₹ 40 per share on allotment and ₹ 30 per share on first and final call . These shares were fully subscribed and all money was dully received . Prepare journal and Cash Book.
Seema Ltd. offered for subscription 10,000 shares of ₹ 25 each, payable ₹ 5 per share on application, ₹ 10 per share on allotment (including ₹ 5 per share as premium), ₹ 5 per share as first call on the shares and the balance in two equal amounts at intervals of three months. All the shares were applied for and allotted. All the money was received except the second call and final call on 200 and 400 shares respectively. Pass the entries in the company's Journal, Cash Book and the ledger. Also show the company's Balance Sheet on completion of the above transactions.
That part of capital which is uncalled capital of the company and can be called up only in the event of its winding up of a company is ________.
Prohibits any invitation to public to subscribe for shares and Debentures for ______.
Capital raised by issue of shares is called ______.
The owners of a company are called ______.
A company forfeited 4,000 shares of ₹ 10 each on which application money of ₹ 3 has been paid. Out of these 2,000 shares were reissued as fully paid up and ₹ 4,000 has been transferred to capital reserve. Calculate the rate at which these shares were reissued:
The owners of the shares are called ______
The difference between subscribed capital and called up capital is called ______.
Capital included in the liabilities of a company is called ______.
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The partnership deed provided that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital will be:
