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प्रश्न
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?
उत्तर
| Date | Particulars | L.F. | Debit Rs. | Credit Rs. |
| (1) | Bank A/c (50,000 × Rs. 1) Dr. To Equity share application A/c [Application money received] |
50,000 | 50,000 | |
| (2) | Equity share application A/c Dr. To Equity share capital A/c [Application money transferred] |
50,000 | 50,000 | |
| (3) | Equity Share Allotment A/c (50,000 × Rs.5) Dr. To Equity share capital A/c [Allotment money due] |
250,000 | 250,000 | |
| (4) | Bank A/c Dr. To Equity share allotment A/c [Allotment money share received] |
250,000 | 250,000 | |
| (5) | Equity share I & final call A/c (50,000 × Rs. 2) Dr. To Equity share capital A/c [I call money due] |
1,00,000 | 1,00,000 | |
| (6) | Bank A/c Dr. To Equity share I call A/c [I Call money received] |
1,00,000 | 1,00,000 | |
| (7) | Equity Share Il & final call A/c (50,000 × Rs. 2) Dr. To Equity share capital A/c [II & final call money due) |
1,00,000 | 1,00,000 | |
| (8) | Bank A/c (48,000 x Rs. 2) To Equity Share II & final call A/c [share II & final call money received with the exception on 2,000 shares] |
96,000 | 96,000 | |
| (9) | Share Capital A/c (2,000 x Rs.10) Dr. To Equity share II & final call A/c (2,000 x Rs. 2) To forfeited shares A/c (2,000 x Rs.8) [Forfeiture of shares made for non payment of final call money] |
20,000 | 4,000 16,000 |
|
| (10) | Bank A/c (2,000 x Rs.8) Dr. Forfeited shares (2,000 x Rs.2) To Equity share Capital A/c [reissue of forfeited shares @ Rs.8/share] |
16,000 4,000 |
20,000 | |
| (11) | Forfeited shares A/c To Capital Reserve A/c [Profit on reissue transferred] |
12,000 | 12,000 |
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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 meant by calls in arrear?
Write a brief note on calls in advance.
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.
Arjun was holding 1,000 shares ₹ 10 each of Vanavill Electronics Ltd, issued at par. He paid ₹ 3 on the application, ₹ 4 on the allotment but could not pay the first and final call of ₹ 3. The directors forfeited the shares for nonpayment of call money. Give Journal entry for forfeiture of shares.
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.
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?
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.
