HSC Commerce 12th Board ExamMaharashtra State Board
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Aniket Ltd Issued 40,000 Equity Shares of ` 100 Each Payable as Follows : on Application Rs 20 on Allotment Rs 30 on First Call Rs 30 on Second Call Rs 20 - HSC Commerce 12th Board Exam - Book Keeping and Accountancy

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Question

Aniket Ltd issued 40,000 equity shares of ` 100 each payable as follows :

On application Rs  20
On allotment Rs 30
On first call Rs 30
On second call Rs 20

The company received applications for 50,000 equity shares. Allotment of shares was made on pro-rata basis. Excess application money were adjusted to allotment. Share allotment and calls were made and also received, except Mr. Sanish who was holding 1,000 shares failed to pay both the calls. His shares were forfeited after the second call.
Record the above transactions in the books of Aniket Ltd

Solution

Journal of Aniket Ltd.
Date
Particulars
L.F.
Debit
(Rs.)
Credit
(Rs. )
(1)
Bank A/c ..... Dr.
 
10,00,000
 
 
To Equity Share Application A/c
   
10,00,000
 
[Being application money received on 50000 shares @ Rs. 20]
     
         
(2)
Equity share Application A/c ..... Dr.
 
10,00,000
 
 
To Equity Share Capital A/c
   
8,00,000
 
To Equity Share Allotment A/c
   
2,00,000
 
[Being share application money transferred to share capital A/c and excess amount adjusted top allotment money]
     
         
(3)
Equity Share Allotment A/c ...... Dr.
 
12,00,000
 
 
To Equity share Capital A/c
   
12,00,000
 
[Being Share allotment money due on 40,000 shares @ Rs. 30]
     
         
(4)
Bank A/c ... Dr.
 
10,00,000
 
 
To Equity Share Allotment A/c
   
10,00,000
 
[Being share allotment money received]
     
         
(5)
Equity Share First Call A/c .... Dr.
 
12,00,000
 
 
To Equity Share Capital A/c
   
12,00,000
 
[Being share first call amount due on 40,000 shares @ Rs. 30]
     
         
(6)
Bank A/c ... Dr.
 
11,70,000
 
 
To Equity Share First Call A/c
   
11,70,000
 
[Being share first call amount received on 39,000 shares]
     
         
(7)
Equity Share Second Call A/c .... Dr.
 
8,00,000
 
 
To Equity Share Capital A/c
   
8,00,000
 
[Being share second call amount due on 40,000 shares @ Rs. 20]
     
         
(8)
Bank A/c ..... Dr.
 
7,80,000
 
 
To Equity Share Second Call A/c
   
7,80,000
 
[Being share second call amount received on 39,000 shares]
     
         
(9)
Equity Share Capital A/c ...... Dr.
 
1,00,000
 
 
To Equity share First Call A/c
   
30,000
 
To Equity Share Second Call A/c
   
20,000
 
To Equity Share Forfeiture A/c
   
50000
 
[Being 1000 share forfeited on account of non - payment of first and second call]
     
  Is there an error in this question or solution?

APPEARS IN

 2017-2018 (March) (with solutions)
Question 5.2 | 10.00 marks
Solution Aniket Ltd Issued 40,000 Equity Shares of ` 100 Each Payable as Follows : on Application Rs 20 on Allotment Rs 30 on First Call Rs 30 on Second Call Rs 20 Concept: Dissolution of Partnership Firm.
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