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प्रश्न
Gaja Lid issued 40,000 shares of ₹ 10 each of the public payable ₹ 2 on the application, ₹ 5 on the allotment, and ₹ 3 on the first and final call. The application was received for 50,000 shares. The Directors decided to allot 40,000 shares on a pro-rata basis and a surplus of application money was utilized for allotment. Pass journal entries assuming that the amount due was received.
उत्तर
| Date | Particulars | L.F. | Debit Rs. | Credit Rs. |
| 1. | Bank A/c (50,000 x Rs. 2) Dr. To Equity share application A/c [Application money received on 50,000 share] |
1,00,000 | 1,00,000 | |
| 2. | Share Application A/c Dr. To Share capital A/c (40,000 x Rs.2) 80,000 To Share Allotment A/c 20,000 [Application money transferred & excess adjusted towards allotment] |
1,00,000 | 80,000 20,000 |
|
| 3. | Share Allotment A/c (40,000 x Rs.5) Dr. To Share capital A/c [Allotment money due] |
2,00,000 | 2,00,000 | |
| 4. | Bank A/c Dr. To Share Allotment A/c [Allotment Balance money received] |
1,80,000 | 1,80,000 | |
| 5. | Share I & final call A/c (40,000 x Rs.3) Dr. To Share Capital A/c [call money due] |
1,20,000 | 1,20,000 | |
| 6. | Bank A/c Dr. To Share I & final call A/c [call money received] |
1,20,000 | 1,20,000 |
APPEARS IN
संबंधित प्रश्न
The amount received over and above the par value is credited to
Sampath company issued 25,000 shares at ₹ 10 per share payable ₹ 3 on the application, ₹ 4 on allotment; ₹ 3 on first and final call. The public subscribed for 24,000 shares. The directors allotted all the 24,000 shares and received the money duly. Pass necessary journal entries.
What is meant by calls in arrear?
Write a short note on the securities premium account.
Why are the shares forfeited?
Lakshmi was holding 50 hares of ₹ 10 each on which he paid ₹ 2 on application but could not pay ₹ 4 on the allotment and ₹ 2 on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.
Goutham Ltd. forfeited 500 equity shares of ₹ 10 each issued at par held by Ragav for nonpayment of the final call of ₹ 2 per share. The shares were forfeited and reissued to Madhan at ₹ 8 per share. Show the journal entries for forfeiture and reissue.
Viswanath Furniture Ltd. invited applications for 20,000 shares of ₹ 10 each at a premium of 2 per share payable?
₹ 2 On application
₹ 5 (including premium) on the allotment
₹ 5 On the first and final call
There were oversubscription and applications were received for 30,000 shares and the excess applications were rejected by the directors. Pass the journal entries.
United Industries Ltd. issued shares of ₹ 10 each at 10% premium payable ₹ 3 on the application, ₹ 4 on the allotment (including premium), ₹ 2 on the first call, and ₹ 2 on the final call.
Journalise the transections relating to forfeiture of shares for the following situations:
- Manoj who holds 250 shares failed to pay the second and final call and his shares were forfeited.
- Manoj who holds 250 shares field to pay the allotment money and first call and second and final call and his shares were forfeited.
- Manoj who holds 250 shares failed to pay the allotment money and first call money and his shares were forfeited after the first call.
Vairam Ltd. issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as follows:
On application ₹ 6
On allotment ₹ 4 (including premium)
On the first and final call ₹ 2
The issue was fully subscribed and the amount due was received except Saritha to whom 1,000 shares were allotted who failed to pay the allotment money and first and final call money. Her shares were forfeited. All the forfeited shares were reissued to Parimala at ₹ 7 per share.
