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प्रश्न
VXN Ltd invited application for issuing 50,000 equity shares of 10 each as a premium of 8 per share. The amount was payable as follows :
On Application: Rs 4 per share (including Rs 3 premiums)
On Allotment: Rs 6 per share (including Rs 3 premiums)
On First Call: Rs 5 per share (including Rs 1 premium)
On second and final Call: Balance Amount
The issue was fully subscribed Gopal a shareholder holding 200 shares did not pay the allotment money and Madhav, a holder of 400 shares paid his entire share money along with the allotment money. Gopal’s Shares were immediately forfeited after allotment, Afterwards, the first call was made Krishna, a holder of 100 shares, failed to pay the first call money and Giridhar, a holder of 300 shares, paid the second call money also along with the first call. Krishna’s shares were forfeited immediately after the first call. A second and final call was made afterwards and was duly received. All the forfeited shares were reissued at Rs 9 per share fully paid up.
Pass necessary journal entries for the above transaction in the books of the company.
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उत्तर
| Journal | ||||
| Date | Particulars | L.F |
Debit Rs |
Credit Rs |
|
Bank A/c (50,000 x 4) Dr To Equity Share Application A/c (Received application money on 50,000 shares) Equity Share Application A/c Dr To Equity Share Capital A/c To Securities Premium Reserve A/c (Transfer of application money to Share Capital) Equity Share Allotment A/c (50,000 x 6) Dr To Equity Share Capital A/c To Securities Premium Reserve A/c (Allotment due on 50,000 shares ) Bank A/c (49,800 x 6) + (400 x 8) Dr To Equity Share Allotment A/c (49,800 x 6) To Calls-in-Advance A/c (400 x 8) (Allotment money received) Equity Share Capital A/c (200 x 5) Dr. Securities Premium Reserve A/c (200 x 3) Dr To Equity Share Allotment A/c (200 x 6) To Equity Share Forfeiture A/c (200 x 2) (Forfeiture of 200 shares for non-payment of allotment Equity Share First Call A/c (49,800 x 5) Dr To Equity Share Capital A/c To Securities Premium Reserve A/c (Call money due on 49,800 shares) Bank A/c (49,700 x 5) − 2,000 + 900 Dr Calls-in-Advance A/c (400 x 5)-Adjustment of Previous Dr Receipts To Calls-in-Advance A/c (300 x 3) To Equity Share First Call A/c (Received call money) Equity Share Capital A/c (100 x 9) Dr Securities Premium Reserve A/c (100 x 1) To Equity Share First Call A/c (100 x 5) To Equity Share Forfeiture A/c (100 x 5) (Forfeiture of 100 shares for non-payment of call money) Equity Share Second and Final Call A/c (49,700 x 3) Dr To Equity Share Capital A/c To Securities Premium Reserve A/c (Call money due on 49,700 shares) Bank A/c Dr Calls-in-Advance A/c (1,200 + 900)- Adjustment To Equity Share Second and Final Call A/c (Received call money on shares) Bank A/c (300 x 9) Dr Equity Share Forfeiture A/c To Equity Share Capital A/c (Re-issue of 300 shares at Rs 9 per share) Equity Share Forfeiture A/c (400 + 500 − 300) Dr To Capital Reserve A/c (Profit on re-issue transferred to Capital Reserve Account) |
2,00,000
2,00,000
3,00,000
3,02,000
1,000 600
2,49,000
2,47,400 2,000
900 100
1,49,100
1,47,000 2,100
2,700 300
600
|
2,00,000
1,00,000 1,00,000
1,50,000 1,50,000
2,98,800 3,200
1,200 400
1,99,200 49,800
900 2,48,500
500 500
49,700 99,400
1,49,100
3000
600
|
||
