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प्रश्न
Saturn Ltd. was registered with an authorized capital of ` 12,00,000. "divided into" ` 1,20,000 :equity shares of ` 10
"each. It issued "40,000" equity shares to the public at a premium of" ` 5 "per share, payable as follows": [12]
"On application" ` 6
"On allotment" ` 9 (including premium of 5)
All the shares were applied for and allotted. One shareholder holding 500 shares did not pay the allotment money
and his shares were forfeited. Out of the forfeited shares, the company reissued 400 shares at 7 per share fully
called up.
You are required to:
(a) Pass journal entries in the books of the company.
(b) Prepare :
(i) Securities Premium Reserve Account,
(ii) Share Capital Account.
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उत्तर
(a) Journal of Saturn Ltd.
| Date | Particulars | L.F. | Amount Rs |
Amount Rs |
| Bank A/c ............Dr To share Application A/c (Being share application money received) |
2,40,000
|
2,40,000 | ||
| Share Application A/c.... Dr To Equity Share Capital A/c (Being share application transferred to share capital A/c) |
2,40,000
|
2,40,000 | ||
| Share Allotment A/c .....Dr To Equity Share Capital A/c To Securities Premium / SPR (Being share allotment money due) |
3,60,000
|
1,60,000 2,00,000 |
||
| Bank A/c .......... ...Dr Calls-in-Arrear A/c..... Dr To Share Allotment A/c (Being share allotment money received) |
3,55,500 4,500
|
3,60,000 | ||
| Equity Share Capital A/c ......Dr Securities Premium / SPR A/c .......Dr To Share Forfeiture A/c To Calls-in-Arrear A/c (Being 500 shares forfeited) |
5,000 2,500
|
3,000 4,500 |
||
| Bank A/c.... Dr Share forfeiture A/c...... Dr To Equity Share Capital A/c (Being 400 shares reissued) |
2,800 1,200
|
4,000 |
||
| Share Forfeiture A/c...... Dr To Capital Reserve A/c (Being gain on reissued shares transferred to capital reserve) |
1,200
|
1,200 |
(b) (i) Securities Premium Reserve Account
| Particulars | Amount | Particulars | Amount |
| To calls-in-arrear |
2,500 |
By Share Allotment A/c | 2,00,000 |
| To Balance c/d | 1,97500 | ||
| 2,00,000 | 2,00,000 |
(ii) Share Capital Account
| Particulars | Amount | Particulars | Amount |
| To Share Forfeiture A/c |
3,000 |
By Share Application A/c | 2,40,000 |
| To Calls-in-arrears | 2,000 | By Share Allotment A/c | 1,60,000 |
| To Balance c/d | 3,99,000 | By Bank A/c | 2,800 |
| By Share Forfeiture A/c | 1,200 | ||
| 4,04,000 | 4,04,000 |
