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प्रश्न
Show the forfeiture and reissue entries under each of the following cases:
(i) X Ltd. forfeited 300 shares of ₹ 10 each, ₹ 8 called-up held by Mr. A for non-payment of second call money of ₹ 3 per share. These shares were reissued to Mr. Z for ₹ 10 per share as fully paid-up.
(ii) Y Ltd. forfeited 400 shares of ₹ 10 each, fully called-up, held by Mr. B for non-payment of final call money of ₹ 4 per share. These shares were reissued to Mr. T at ₹ 12 per share as fully paid-up.
(iii) Light Ltd. forfeited 250 shares of ₹ 10 each, fully called-up held by Mr. C for non-payment of allotment money of ₹ 3 per share and first and final call money of ₹ 4 per share. These shares were reissued @ ₹ 8 per share as fully paid-up to Mr. P.
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उत्तर
(i)
Books of X Limited
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
||
|
|
Share Capital |
Dr. |
|
2,400 |
|
|
|
|
To Share Forfeiture A/c |
|
|
1,500 |
||
|
|
To Calls-in-Arrears A/c |
|
|
900 |
||
|
|
(300 shares of ₹ 10 each on which had called ₹ 8, forfeited for non-payment of second call ₹ 3 per share) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Bank A/c |
Dr. |
|
3,000 |
|
|
|
|
To Share Capital A/c |
|
|
3,000 |
||
|
|
(300 shares of ₹ 10 each re-issued) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Share Forfeiture A/c |
Dr. |
|
1,500 |
|
|
|
|
To Capital Reserve A/c |
|
|
1,500 |
||
|
|
(Balance in Share Forfeiture Account after re-issue transferred to Capital Reserve) |
|
|
|
||
Working Notes-
|
Share Forfeiture Credit (at the time of forfeiture of shares) |
1,500 |
|
Less: Share Forfeiture Debit (at the time of re-issue shares) |
NIL |
|
Balance in Share Forfeiture after re-issue of shares |
1,500 |
Capital Reserve = Balance in Share Forfeiture of re-issued shares
= ₹ 1,500
(ii)
Books of Y Limited
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
|
|
Share Capital A/c |
Dr. |
|
4,000 |
|
|
|
To Share Forfeiture A/c |
|
|
2,400 |
|
|
|
To Calls-in-Arrears A/c |
|
|
1,600 |
|
|
|
(400 shares of ₹ 10 forfeited for the non-payment of final call ₹ 4 per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
4,800 |
|
|
|
To Share Capital A/c |
|
|
4,000 |
|
|
|
To Securities Premium A/c |
|
|
800 |
|
|
|
(400 shares of ₹10 each re-issued at ₹ 12 per share as fully paid-up) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
2,400 |
|
|
|
To Capital Reserve A/c |
|
|
2,400 |
|
|
|
(Balance of Share Forfeiture after re-issue transferred to Capital Reserve) |
|
|
|
|
Working Notes-
|
Share Forfeiture Credit (at the time of forfeiture of shares) |
2,400 |
|
Less: Share Forfeiture Debit (at the time of re-issue shares) |
NIL |
|
Balance in Share Forfeiture after re-issue of shares |
2,400 |
Capital Reserve = Balance in Share Forfeiture of re-issued shares
= ₹ 2,400
(iii)
Books of Light Limited
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
||
|
|
Share Capital A/c |
Dr. |
|
2,500 |
|
|
|
|
To Share Forfeiture A/c (250×3) |
|
|
750 |
||
|
|
To Calls-in-Arrears A/c |
|
|
1,750 |
||
|
|
(250 shares of ₹ 10 each forfeited for the non-payment ₹ 7 per share) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Bank A/c |
Dr. |
|
2,000 |
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
500 |
|
|
|
|
To Share Capital A/c |
|
|
2,500 |
||
|
|
(250 shares of ₹ 10 each re-issued for ₹ 8 per share as fully paid-up ) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Share Forfeiture A/c |
Dr. |
|
250 |
|
|
|
|
To Capital Reserve A/c |
|
|
250 |
||
|
|
(Balance in Share Forfeiture Account after re-issue transferred to Capital Reserve) |
|
|
|
||
Working Notes-
|
Share Forfeiture Credit (at the time of forfeiture of shares) |
750 |
|
Less: Share Forfeiture Debit (at the time of re-issue shares) |
500 |
|
Balance in Share Forfeiture after re-issue of shares |
250 |
Capital Reserve = Balance in Share Forfeiture of re-issued shares = ₹ 250
