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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?
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 |
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?
Write a brief note on calls in advance.
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.
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.
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.
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?
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.
