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प्रश्न
Record the journal entries for forfeiture and reissue of shares in the following cases:
a. X Ltd. forfeited 20 shares of Rs 10 each, Rs 7 called upon which the shareholder had paid application and allotment money of Rs 5 per share. Out of these, 15 shares were re-issued to Naresh as Rs 7 per share paid up for rs 8 per share.
b. Y Ltd. forfeited 90 shares of Rs 10 each, Rs 8 called up issued at a premium of Rs 2 per share to 'R' for nonpayment of allotment money of Rs 5 per share (including premium). Out of these, 80 shares were reissued to Sanjay as `8 called up for Rs 10 per share.
c. Z Ltd. forfeited 300 shares of Rs 10 each issued at a discount of Rs 1 per share for non-payment of first and final call of Rs 3 per share. Out of these 200 shares were reissued at Rs 3 per share fully paid up.
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उत्तर
| Journal | ||||
| Date | Particulars | L.F. |
Dr. Rs |
Cr. Rs |
|
(a)
|
Share Capital A/c (20 Shares x 7) Dr. To Share Forfeiture A/c (20 Shares x 5) To Calls-in-Arrears A/c (20 Shares x 2) (Being 20 Shares of Rs10 each, Rs7 called-up forfeited for the nonpayment of call) |
140
|
100 40
|
|
|
Bank A/c (25 Shares x 8) Dr. To Share Capital A/c (15 Shares x 7) To Share Premium (15 shares x 1) To Bank A/c (WN1) (Being 15 Shares were reissued as Rs 7 paid-up for Rs 8 per share) |
120
|
105 15
|
||
|
Share Forfeiture A/c Dr. To Capital Reserve A/c (Being transfer of Profit on Re-issue of 15 Shares) |
75
|
75
|
||
|
(b)
|
Share Capital A/c (90 Shares x 8) Dr. Securities Premium A/c (90 Shares x 2) Dr. To Share Forfeiture A/c (90 Shares x 5) To Share Allotment A/c (90 Shares x 5) (Being shares Forfeited for Nonpayment of Allotment) |
720 180
|
450 450
|
|
|
Bank A/c (80 Shares x 10) Dr. To Share Capital A/c (80 Shares x 8) To Share Premium A/c (80 Shares x 2) (Being share were reissued for Rs 10, Rs 8 called-up) |
800
|
640 160
|
||
|
Share Forfeiture A/c Dr. To Capital Reserve A/c (Being transfer of Profit on re-issue of 80 Shares) |
400
|
400
|
||
|
(c)
|
Share Capital A/c (300 Shares x 10) Dr. To Share Forfeiture A/c (300 Shares x 6) To Discount on Issue of Shares A/c (300 shares x 1) To Share First and Final Call A/c (300 Shares x 3) (Being Shares forfeited for nonpayment of First and final Call) |
3,000
|
1,800 300 900
|
|
|
Bank A/c (200 Shares x 3) Dr. Discount on Issue of Shares A/c (200 Shares x 2) Dr. Share Forfeiture A/c (200 Shares x 6) Dr. To Share Capital A/c (200 Shares x 10) (Being 200 Shares were reissued for Rs 3 per share, fully called-up) |
600 200 1,200
|
2,000
|
||
