Question

Tej Ltd. issued Equity shares of ₹10 each payable as:
₹3 on Application; ₹2 on Allotment; ₹5 on First & Final Call.
Extract of the Journal of Tej Ltd. is as follows:

Tej Ltd. JOURNAL (Extract)
Date	Particulars	L.F.	Debit (₹)	Credit (₹)
	Equity Share Allotment A/c     ...Dr.		4,20,000
	To Equity Share Capital A/c			4,20,000
	(Allotment money due on ...??... shares @ ₹2 each)
	Bank A/c     ...Dr.		??
	Calls in Arrears A/c     ...Dr.		30,000
	To Equity Share Allotment A/c			??
	(Allotment money received on ...??... shares)
	Equity Share Capital A/c     ...Dr.		??
	To Calls in Arrears A/c			??
	To Share Forfeiture A/c			45,000
	(...??... Equity shares of ₹10 each forfeited for non-payment of allotment money)
	Equity Share First & Final Call A/c     ...Dr.		9,75,000
	To Equity Share Capital A/c			9,75,000
	(First & Final Call money due on ...??... shares @ ₹5 each)
	Bank A/c     ...Dr.		??
	Calls in Arrears A/c     ...Dr.		1,87,500
	To Equity Share First & Final Call A/c			??
	(First & Final Call money received on ...??... Shares)
	Equity Share Capital A/c     ...Dr.		??
	To Calls in Arrears A/c			1,87,500
	To Share Forfeiture A/c			??
	(...??... Equity shares of ₹10 each forfeited for nonpayment of final call)
	Bank A/c     ...Dr.		??
	Share Forfeiture A/c     ...Dr.		67,500
	To Equity Share Capital A/c			??
	(...??... forfeited shares, including those on which allotment money was not received, re-issued at ₹7 per share fully called up)
	Share Forfeiture A/c     ...Dr.		??
	To Capital Reserve A/c			??
	(..............??................)

You are required to complete the journal entries by filling up the missing information represented by ‘??’.

Answer 1

Tej Ltd. JOURNAL (Extract)
Date	Particulars	L.F.	Debit (₹)	Credit (₹)
	Equity Share Allotment A/c     ...Dr.		4,20,000
	To Equity Share Capital A/c			4,20,000
	(Allotment money due on 2,10,000 shares @ ₹2 each)
	Bank A/c     ...Dr.		3,90,000
	Calls in Arrears A/c     ...Dr.		30,000
	To Equity Share Allotment A/c			4,20,000
	(Allotment money received on 2,10,000 shares)
	Equity Share Capital A/c     ...Dr.		90,000
	To Calls in Arrears A/c			18,000
	To Share Forfeiture A/c			72,000
	(9,000 Equity shares of ₹10 each forfeited for non-payment of allotment money)
	Equity Share First & Final Call A/c     ...Dr.		9,75,000
	To Equity Share Capital A/c			9,75,000
	(First & Final Call money due on 9,000 shares @ ₹5 each)
	Bank A/c     ...Dr.		7,87,500
	Calls in Arrears A/c     ...Dr.		1,87,500
	To Equity Share First & Final Call A/c			9,75,000
	(First & Final Call money received on 1,95,000 Shares)
	Equity Share Capital A/c     ...Dr.		3,75,000
	To Calls in Arrears A/c			1,87,500
	To Share Forfeiture A/c			1,87,500
	(37,500 Equity shares of ₹10 each forfeited for nonpayment of final call)
	Bank A/c     ...Dr.		2,25,000
	Share Forfeiture A/c     ...Dr.		67,500
	To Equity Share Capital A/c			2,92,500
	(41,250 forfeited shares, including those on which allotment money was not received, re-issued at ₹7 per share fully called up)
	Share Forfeiture A/c     ...Dr.		15,000
	To Capital Reserve A/c			15,000
	(Profit on reissue of forfeited shares transferred to capital reserve)