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प्रश्न
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.
उत्तर
| Date | Particulars | L.F. | Debit Rs. | Credit Rs. |
| (1) | Share Capital A/c (500 × Rs. 10) Dr. To share final call A/c (500 × Rs. 2) To Forfeiture of shares A/c [Forfeiture of shares made] |
5,000 | 1,000 4,000 |
|
| (2) | Bank A/c (500 × Rs. 8) Dr. Forfeited shares A/c (500 × Rs. 2) Dr. To Share capital A/c [Reissue of forfeited shares] |
4,000 1,000 |
5,000 | |
| (3) | Forfeited shares A/c Dr. To Capital Reserve A/c [Profit on reissue transferred to capital reserve] |
3,000 | 3,000 |
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संबंधित प्रश्न
Which of the following statement is false?
Saranya Ltd. issued 20,000 equity shares of ₹ 10 each to the public at par. The details of the amount payable on the shares are as follows:
On application – ₹ 3 per share
On allotment – ₹ 4 per share
On first and final call – ₹ 3 per share
Application money was received on 30,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.
What is Over-Subscription?
What is meant by calls in arrear?
Write a brief note on calls in advance.
What is a reissue of forfeited shares?
Lalitha Ltd. offered 30,000 equity shares ₹10 each to the public payable ₹ 2 per share on the application, ₹ 3 on share allotment, and the balance when required. Applications for 50,0 shares were received on which directors allotted as:
Applicants for 10,000 shares Full
Applicants for 35,000 shares 20,000 shares (excess money will be utilized for allotment
Applicants for 5,000 shares Nil
All the money due was received. Pass journal entries upto the receipt of allotment.
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.
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.
