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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
What is meant by calls in arrear?
Why are the shares forfeited?
Write a brief note on calls in advance.
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.
Lalitha Ltd. offered 30,000 equity shares ₹10 each to the public payable ₹ 2 per share on the application, ₹ 3 on share allotment, and the balance when required. Applications for 50,0 shares were received on which directors allotted as:
Applicants for 10,000 shares Full
Applicants for 35,000 shares 20,000 shares (excess money will be utilized for allotment
Applicants for 5,000 shares Nil
All the money due was received. Pass journal entries upto the receipt of allotment.
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?
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.
