हिंदी
तमिलनाडु बोर्ड ऑफ सेकेंडरी एज्युकेशनएचएससी वाणिज्य कक्षा १२

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? - Accountancy

Advertisements
Advertisements

प्रश्न

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?

रोजनामा प्रविष्टि

उत्तर

Date Particulars L.F. Debit Rs. Credit Rs.
(1) Share Capital A/c (10,000 × Rs. 10)  Dr.
  To share I call A/c (1,000 × Rs. 4)
  To Forfeiture of shares A/c  (1,000 × Rs. 6) 
[Forfeiture of shares made]
  10,000 4,000
6,000
(2) Bank A/c (800 × Rs. 7)  Dr.
Forfeited shares A/c (800 × Rs. 3)  Dr.
   To Share capital A/c [Reissue of forfeited shares]
  5,600
2,400
8,000 
(3) Forfeited shares A/c  (800 × Rs. 3) Dr.     
   To Capital Reserve A/c 
[Profit on reissue transferred to capital reserve]
  2,400 2,400
shaalaa.com
Issue of Shares for Cash in Instalments
  क्या इस प्रश्न या उत्तर में कोई त्रुटि है?
अध्याय 7: Company accounts - Exercises [पृष्ठ २५८]

APPEARS IN

सामाचीर कलवी Accountancy [English] Class 12 TN Board
अध्याय 7 Company accounts
Exercises | Q IV 11. | पृष्ठ २५८

संबंधित प्रश्न

The amount received over and above the par value is credited to


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.


Write a short note on the securities premium account.


Write a brief note on calls in advance.


Anjali Flour Ltd. with a registered capital of ₹ 4,00,000 in equity shares of ₹ 10 each, issued 30,0 of such shares; payable ₹ 2 per share on the application, ₹ 5 per share on the allotment, and ₹ 3 shares on the first call. The issue was duly subscribed.
All the money payable was duly received but on the allotment, one shareholder paid the entire balance on his holding of 500 shares. Give journal entries to record the I transactions.


Muthu Ltd. issued 50,000 shares of ₹ 10 each payable as follows; ₹ 2 on the application; ₹ 4 on allotment; ₹ 4 on first and final, call.
All money payable was duly received except one shareholder holding 1,000 shares failed to pay the call money. Pass the necessary journal entries for calls by using calls in the arear account.


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?


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.


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.


Share
Notifications

Englishहिंदीमराठी


      Forgot password?
Use app×