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प्रश्न
Kasthuri Ltd. had allotted 20,000 equity shares of ₹ 10 each at a premium of ₹ 2 each to applicants of 30,000 shares on a pro rata basis. The amount payable was ₹ 3 on application, ₹ 5 on allotment (including premium of ₹ 2 each) and ₹ 2 on first call and ₹ 2 on final call. Subin, a shareholder, failed to pay the first call and final call on his 500 shares. All the shares were forfeited and out of them, 400 shares were reissued @ ₹ 8 per share. Pass necessary journal entries.
उत्तर
| Rs. | |
| Application money received (30,000 × Rs. 3) | 90,000 |
| Less: amount due on application | 20,000 |
| Excess adjusted towards allotment | 70,000 |
| Particulars | L.F. | Debit Rs. | Credit Rs. | |
| (1) | Bank A/c (30,000 × Rs. 3) ....Dr. To Share Application A/c [Share application money received] |
90,000 | 90,000 | |
| (2) | Share application A/c ...Dr. To Share capital A/c To share allotment A/c [Application money transferred excess adjusted towards allotment] |
30,000 | 20,000 10,000 |
|
| (3) | Share Allotment A/c (20,000 × Rs. 5) ....Dr. To Securities Premium A/c (20,000 × Rs. 2) To share capital A/c (20,000 x Rs. 3) [Allotment money due, including premium] |
1,00,000 | 40,000 60,000 |
|
| (4) | Bank A/c ...Dr. To Share allotment A/c [Balance allotment money received] |
90,000 | 90,000 | |
| (5) | Share I call A/c (20,000 × Rs. 2) ...Dr. To Share capital A/c [Share I call money due] |
40,000 | 40,000 | |
| (6) | Bank A/c (19,500 × Rs. 2) ...Dr. To share I call A/c [I call money received with the exception on 500 share] |
39,000 | 39,000 | |
| (7) | share II & final A/c (20,000 × Rs. 2) Dr. To Share capital A/c [II & final call money due] |
40,000 | 40,000 | |
| (8) | Bank A/c (19,500 × Rs. 2) ...Dr. To share II & final call A/c [Share final call money received with the exception on 500 shares] |
39,000 | 39,000 | |
| (9) | Share capital A/c (500 × Rs. 10) ...Dr. To shares I call (500 × Rs. 2) To share II & final call A/c (500 × Rs. 2) To Forfeited shares A/c (500 × Rs. 6) [Forfeiture of shares made] |
5,000 | 1,000 1,000 3,000 |
|
| (10) | Bank A/c (400 × Rs. 8) ...Dr. Forfeited shares A/c (400 × Rs. 2) ...Dr. To share capital A/c [Reissue of forfeited shares] |
3,200 800 |
4,000 | |
| (11) | Forfeited shares A/c ....Dr. To Capital Reserve A/c [Profit on reissue tranferred to capital reserve A/c] |
1,600 | 1,600 |
| Rs. | |
| Profit on forfeited | 6 |
| Less on reissue | 2 |
| Profit on reissue | 4 × No. of. shares reissued |
| (4 × 400) | = Rs. 1,600 |
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संबंधित प्रश्न
Which of the following statement is false?
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 Over-Subscription?
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.
Nivetha Ltd. forfeited 1,000 equity shares of ₹ 10 each for non-payament of call of ₹ 4 per share. Of these 800 shares were reissued @ ₹ 7 per share. Pass journal entries for forfeiture and reissue?
Nivetha Ltd. forfeited 1,000 equity shares of ₹ 10 each for non-payament of call of ₹ 4 per share. Of these 800 shares were reissued @ ₹ 7 per share. Pass journal entries for forfeiture and reissue?
Simon Ltd issued 50,000 equity shares of ₹ 10 each at par payable on-application ₹ 1 per share, on allotment ₹ 5 per share, on first call ₹ 2 per share, and on second and final call ₹ 2 per share. The issue was fully subscribed and all the amounts were duly received with exception of 2,000 shares held by chezhian, who failed to pay the second and final call. His shares were forfeited and reissued to Elango at ₹ 8 per share. Journalise the above transactions?
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.
