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प्रश्न
Kanchana Ltd. issued 50,000 shares ₹ 10 each payable as under?
On application ₹ 1
On allotment ₹ 5
On first call ₹ 2
On final call ₹ 2
Applications were received for 70,000 shares. Applications for 8,000 shares were rejected and allotment was made proportionately towards the remaining applications. The directories made both the calls and all the amounts were received except the final call on 1,500 shares which were subsequently forfeited. Later 1.200 forfeited shares were reissued by receiving ₹ 8 per share. Give journal entries.
उत्तर
| Rs. | |
| Application money received (70,000 × Rs. 1) | 70,000 |
| Actual amount due (50,000 × Rs. 1) | 50,000 |
| 20,000 | |
| Less: Refund on rejected application (8,000 × Rs. 1) | 8,000 |
| Excess adjusted towards allotment | 12,000 |
| Date | Particulars | L.F. | Debit ₹ | Credit ₹ |
| 1. | Bank A/c Dr. To Share Application A/c (Share Application money received) |
70,000 | 70,000 | |
| 2. | Share Application A/c Dr. To Bank (Excess Share Application money rejected) |
8,000 | 8,000 | |
| 3. | Share Application A/c Dr. To Share Allotment A/c To Share Capital A/c (Share Application money tr to share capital) |
62,000 | 12,000 50,000 |
|
| 4. | Share Allotment A/c Dr. To Share Capital A/c (Share Allotment transfer to Share Capital) |
2,50,000 | 2,50,000 | |
| 5. | Bank A/c Dr. To Share Allotment A/c (Share Allotment money received) |
2,38,000 | 2,38,000 | |
| 6. | Share Ist Call A/c Dr. To Share Capital A/c (Share Ist Call Due) |
1,00,000 | 1,00,000 | |
| 7. | Bank A/c Dr. To Share Ist Call A/c (Share Ist call money received) |
1,00,000 | 1,00,000 | |
| 8. | Share final call A/c Dr. To Share Capital A/c (Share final call due) |
1,00,000 | 1,00,000 | |
| 9. | Bank A/c Dr. To Share final call A/c (Share final call money received) |
97,000 | 97,000 | |
| 10. | Share Capital A/c Dr. To Share forfeited A/c To Share final call A/c (1,500 shares were forfeited) |
15,000 | 12,000 3,000 |
|
| 11. |
Bank A/c Dr. |
9,600 2,400 |
12,000 | |
| 12. | Share forfeiture A/c Dr. To Capital Reserve A/c (Profit on reissue tr to capital reserve A/c) |
7,200 | 7,200 |
Working note-
Amount received per share - Rs. 8
Amount used on reissue - Rs. 2
Rs. 6
Profit on reissue × No. of. shares reissued = Rs. 6 × 1,200 = Rs. 7,200
APPEARS IN
संबंधित प्रश्न
The amount received over and above the par value is credited to
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 meant by calls in arrear?
Write a short note on the securities premium account.
Why are the shares forfeited?
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.
