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प्रश्न
Subhash Company Limited issues 2000 Equity shares of ₹100 each payable as ₹ 30 on application, ₹ 30 on allotment, ₹ 40 on first and final call. All the shares were subscribed and duly allotted. Company made all the calls. All cash was duly received except the first & final call on 100 equity shares. These shares were forfeited by company and were re-issued as fully paid for ₹75 per share.
Show the Journal entries in the books of Subhash Company Ltd.
उत्तर
| Journal Entries in the books of Anand Company Limited | ||||
| Date | Particulars | L.F | Debit Amount (₹) | Credit Amount (₹) |
| 1 | Bank A/c Dr. | 60,000 | ||
| To Equity Share Application A/c | 60,000 | |||
| (Being application money on 2,000 equity shares @ ₹ 30 per share received) | ||||
| 2 | Equity Share Application A/c Dr | 60,000 | ||
| To Equity Share Capital A/c | 60,000 | |||
| (Being application money received on 2,000 equity shares transferred to equity share capital) | ||||
| 3 | Equity Share Allotment A/c Dr. | 60,000 | ||
| To Equity Share Capital A/c | 60,000 | |||
| (Being equity share allotment money on 2,000 shares @ ₹ 30 per share due) | ||||
| 4 | Bank A/c Dr | 60,000 | ||
| To Equity Share Allotment A/c | 60,000 | |||
| (Being equity share allotment money on 2,000 shares @ ₹ 30 per share received) | ||||
| 5 | Equity Share First and Final Calls A/c Dr. | 80,000 | ||
| To Equity Share Capital A/c | 80,000 | |||
| (Being equity share first and final call money on 2,000 shares @ ₹ 40 per share due) | ||||
| 6 | Bank A/c Dr. | 76,000 | ||
| To Equity Share First and Final Call A/c | 76,000 | |||
| (Being equity share first and final call money on 1900 shares @ ₹ 40 per share received) | ||||
| 7 | Equity Share Capital A/c Dr. | 10,000 | ||
| To Equity Share First and Final Call A/c | 4,000 | |||
| To Equity Share Forfeiture A/c | 6,000 | |||
| ( Being forfeiture of 100 shares due to non-payment of first and final call) | ||||
| 8 | Bank A/c Dr | 7,500 | ||
| Equity Share Forfeiture A/c Dr | 2,500 | |||
| To Equity Share Capital A/c | 10,000 | |||
| (Being re-issue of 100 forfeited shares @ ₹ 75 per share) | ||||
| 9 | Equity Share Forfeiture A/c Dr | 3,500 | ||
| To Capital Reserve A/c | 3,500 | |||
| (Being balance of Share Forfeiture A/c transferred to Capital Reserve A/c) | ||||
| 419500 | 419500 | |||
Working Notes :
(1) Amount forfeited by the company on 100 shares forfeited = 100 × (30 + 30) = 100 × 60 = ₹ 6,000
(2) Calls-in-Arrears = 100 × 40 = ₹ 4,000.
(3) Amount received on re-issue of 100 forfeited shares = 100 × 75 = ₹ 7,500. Balance of ₹ 2,500 (i.e. loss 25 × 100) is transferred to Share Forfeiture A/c.
(4) Amount transfer from Share Forfeiture A/c to Capital Reserve is ascertained by preparing Share Forfeiture A/c.
| Share Forfeiture A/c | |||||||
| Date | Particulars | J.F | Amount (₹ ) | Date | Particulars | J.F | Amount (₹ ) |
| 8 | To Equity Share Capital A/c | 2,500 | 7 | By Equity Share Capital A/c | 6,000 | ||
| 9 | To Capital Reserve A/c (Balancing figure) | 3,500 | |||||
| 6,000 | 6,000 | ||||||
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