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प्रश्न
X Ltd. invited applications for issuing 75,000 equity shares of Rs 10 each at a premium of Rs 5 per share. The amount was payable as follows:
On applications and allotment - Rs 9 per share (including premium)
On first and final call - the balance amount
Applications for 3,00,000 shares were received. Applications for 2,00,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The first and final call was made. The amount was duly received except on 1,500 shares applied by Ravi. His shares were forfeited. The forfeited shares were re-issued at a discount of Rs 4 per share.
Pass necessary journal entries for the above transactions in the books of X Ltd.
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उत्तर
| Journal Entries | ||||
| Date | Particulars | L.F. |
Debit Rs |
Credit Rs |
|
Bank A/c Dr. To Share Application and Allotment A/c (Being share application and allotment received on 3,00,000 of Rs 9 each including premium of Rs 5 each) |
27,00,000
|
27,00,000
|
||
|
Share Application and Allotment A/c Dr. To Share Capital A/c To Securities Premium A/c To Bank A/c To Share First and Final Call A/c (Being share application of 75,000 shares transferred to share capital, share application and allotment on 2,00,000 share refunded and rest is adjusted to share first and final call) |
27,00,000
|
3,00,000 3,75,000 18,00,000 2,25,000
|
||
|
Share First and Final Call A/c Dr. To Share Capital A/c (Being share first and final Call due on 75,000 shares of Rs 6 each) |
4,50,000
|
4,50,000
|
||
|
Bank A/c Dr. To Share First and Final Call A/c (Being share first and final call received) |
2,21,625
|
2,21,625
|
||
|
Share Capital A/c Dr. To Share Forfeiture A/c To Share First and Final Call A/c (Being 1,125 share were forfeited for non-payment of share first and final of Rs 6 each) |
11,250
|
7,875 3,375
|
||
|
Bank A/c Dr. Share Forfeited A/c Dr. To Share Capital A/c (Being 1,125 forfeited share were re-issued at a discount of Rs 4 per share) |
6,750 4,500
|
11,250
|
||
|
Share Forfeiture A/c Dr. To Capital Reserve A/c (Being share forfeiture transferred to capital reserve) |
3,375
|
3,375
|
||
| Computation Table | |||||||||
| Category | Share Applied |
Share Allotted |
Money received on Application n and Allotment @ Rs 9 each including premium of Rs 5 each |
Money transfers to share capital@ Rs 4 each |
Money transfer to securities premium @ Rs 5 each |
Excess Application on and Allotment money |
Share first and final call due @Rs 6 each |
Amount receivables on share first and final call after adjustment |
Money Refunded |
| I | 2,00,000 | Nil | 18,00,000 | 18,00,000 | |||||
| II | 1,00,000 | 75,000 | 9,00,000 | 3,00,000 | 3,75,000 | 2,25,000 | 4,50,000 | 2,21,625 | |
| 3,00,000 | 75,000 | 27,00,000 | 3,00,000 | 3,75,000 | 2,25,000 | 4,50,000 | 2,21,625 | 18,00,000 | |
Working Note:
Those who applied for 1,00,000 shares, allotted = 75,000 Shares
Those who applied for 1,500 shares, allotted = `75000 xx 1500/100000` = 1125 share
Share Application and Allotment received on 1,500 glares of Rs 9 each
(including premium of Rs 5 each) = Rs 13,500
Shares Allotted (1,125 × 9) = Rs 10,125
Excess Application and Allotment money received = Rs 3,375
Share First and Final Call due on 1,125 shares of Rs 6 each = Rs 6,750
Excess Application and Allotment money received = Rs 3,375
Share First and Final Call not received = Rs 3,375 (6250 – 3,375)
Therefore, Share First and final Call received = Rs 2,21,625 (4,50,000 – 2,25,000 – 3,375)
