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प्रश्न
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.
उत्तर
| Date | Particulars | L.F. | Debit Rs. | Credit Rs. |
| (1) | Bank A/c (60,000 × Rs. 6) Dr. To share application A/c [Share application money received] |
3,60,000 | 3,60,000 | |
| (2) | Share application A/c Dr. To Share capital A/c [Application money transferred] |
3,60,000 | 3,60,000 | |
| (3) | Share Allotment A/c (60,000 × Rs. 4) Dr. To Securities premium A/c (60,000 × Rs. 2) To share capital A/c (60,000 × Rs. 2) [Allotment money due] |
2,40,000 | 1,20,000 1,20,000 | |
| (4) | Bank A/c (59,000 × Rs. 4) Dr. To Share allotment A/c [Allotment money received with the exception on 1,000 share] |
2,36,000 | 2,36,000 | |
| (5) | Share I & final call A/c (60,000 × Rs. 2) Dr. To share capital A/c [call money due] |
1,20,000 | 1,20,000 | |
| (6) | Bank A/c (59,000 × Rs. 2) Dr. To share I & final call A/c [Call money received exception 1,000 share] |
1,18,000 | 1,18,000 | |
| (7) | Share capital A/c (1,000 × Rs. 10) Dr. Securities Premium (1,000 × Rs. 2) Dr. To share Allotment A/c (1,000 × Rs. 2) To share I & final call A/c (1,000 × Rs. 2) To Forfeited shares A/c (1,000 × Rs. 6) [Forfeiture of shares made] |
10,000 2,000 | 4,000 2,000 6,000 |
|
| (8) | Bank A/c (1,000 × Rs. 7) Dr. Forfeited share A/c (1,000 × Rs. 3) Dr. To Share capital A/c [Reissue of forfeited shares] |
7,000 3,000 |
10,000 | |
| (9) | Forfeited shares A/c Dr. To capital reserves A/c [Profit on reissue transferred] |
3,000 | 3,000 |
APPEARS IN
संबंधित प्रश्न
The amount received over and above the par value is credited to
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.
Why are the shares forfeited?
Gaja Lid issued 40,000 shares of ₹ 10 each of the public payable ₹ 2 on the application, ₹ 5 on the allotment, and ₹ 3 on the first and final call. The application was received for 50,000 shares. The Directors decided to allot 40,000 shares on a pro-rata basis and a surplus of application money was utilized for allotment. Pass journal entries assuming that the amount due was received.
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.
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?
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.
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.
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.
