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प्रश्न
'Subham Ltd.' invited applications for issuing 12,000 equity shares of Rs 10 each at a premium of Rs 3 per share. The amount was payable as follows:
On application and allotment - Rs 6 per share (Including Premium)
On the first call - Rs 4 per share
On second and final call - the balance
Applications for 18,000 shares were received and pro-rata allotment was made to all the applicants. Excess money received with applications was adjusted towards sums due on the first call. All calls were made and were duly received except the first call and second and final call on 120 shares allotted to Vibhu. His shares were forfeited. The forfeited shares were reissued at the maximum permissible discount as per the provisions of the Companies Act, 1956.
Pass necessary Journal Entries for the above transactions in the books of the company
उत्तर
| Books of Subham Ltd Journal |
||||
| Date | Particulars | L.F. |
Dr. Rs |
Cr. Rs |
|
Bank A/c Dr. To Equity Share Application A/c (Being application money received on 18,000 shares) |
1,08,000
|
1,08,000
|
||
|
Equity Share Application A/c Dr. To Equity Share Capital A/c To Securities Premium A/c To Equity Share First Call A/c (Being amount of application transferred to share capital and excess money is adjusted towards allotment) |
1,08,000
|
36,000 36,000 36,000
|
||
|
Equity Share First And Final Call Dr. To Equity Share Capital A/c (Being First and Final Call money due) |
48,000
|
48,000
|
||
|
Bank A/c Dr. To Equity Share First A/c (Being money received on First and Final Call) |
11,880
|
11,880
|
||
|
Equity Share Second and Final A/c Dr. To Equity Share Capital A/c (Being amount due on second and final call) |
36,000
|
36,000
|
||
|
Bank A/c (36,000 – 360) Dr. To Equity Share Second and Final Call A/c Being amount received on second and final call) |
35,640
|
35,640
|
||
|
Equity Share Capital A/c Dr. To Equity Share Forfeiture A/c To Equity Share First A/c To Equity Share Second and Final Call A/c (Being shares of Vibhu forfeited) |
1,200
|
720 120 360
|
||
|
Bank A/c Dr. Equity Share Forfeiture A/c Dr. To Equity Share Capital A/c (Fortfeited shares were reissued for Rs 4 as fully paid-up) |
480 720
|
1,200
|
||
Working Notes :
WN1: Calculation of Amount not received on Allotment and First and Final Call
Shares applied by Vibhu = `18000/12000 xx 120` = 180 shares
Amount received on 180 shares of 6 each = Rs 1,080
Amount transferred to Share Capital A/c (120x3) = Rs 360
Amount transferred to Securities Premium A/c (120 x 3) = Rs 360
Excess money received on Application and Allotment = Rs 360
Amount due on First Call @ 4 each = Rs 480
Amount not received on First Call = 120 (480 – 360)
Amount received on First Call = 11,880 (48,000 – 36,000 – 120)
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संबंधित प्रश्न
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