20. Das Limited issued a prospectus inviting applications for 3.00.000 shares of 10 each at a premium of 2 per share payable as follows: on application 3 per share, on allotment 5 per share (including premium). on first call 2 per share, and on second call 2 per share. Applications were received for 4,50,000 shares and allotment made prorata to the applicants of 3,60.000 shares, the remaining applications being refused. Money overpaid on application was employed on account of sum due on allotment: Rahul to whom 6,000 shares were allotted failed to pay allotment money and on his subsequent failure to pay first call, his shares were forfeited. Azhar the holder of 9,000 shares failed to pay the two calls and so his shares were also forfeited. All these shares were sold to Ajay, credited as fully paid up for 9 per share. Show the Journal and Cash Book entries in the books of the company. Prepare Balance Sheet also.
Answers
Answer:
Diary and Cash Book Passages within the Books of Das Restricted:
On receipt of application cash:
Bank Account Dr. 13,50,000
To Share Application Account 12,00,000
To Share Application Cash Due Account 1,50,000
Explanation:
(Being application cash gotten for 4,50,000 offers @ 3 per share)
On designation of offers:
Share Application Cash Due Account Dr. 60,000
To Share Capital Account 36,000
To Share Premium Account 24,000
(Being application cash balanced against the entirety due on allocation of offers)
Share Designation Account Dr. 1,92,000
To Share Capital Account 1,08,000
To Share Premium Account 84,000
(Being designation cash gotten for 3,60,000 offers @ 5 per share)
On Rahul's offers being relinquished:
Share Allocation Account Dr. 30,000
To Rahul's Share Capital Account 18,000
To Rahul's Share Premium Account 12,000
(Being Rahul's offers of 6,000 relinquished)
Rahul's Share Capital Account Dr. 6,000
Rahul's Share Premium Account Dr. 4,000
To Share Relinquishment Account 10,000
(Being Rahul's shares of 6,000 relinquished)
Bank Account Dr. 54,000
Share Relinquishment Account Dr. 10,000
To Rahul's Share Capital Account 18,000
To Rahul's Share Premium Account 12,000
To Share Assignment Account 34,000
(Being continues gotten on the deal of Rahul's offers of 6,000)
On Azhar's offers being relinquished:
To begin with Call Account Dr. 18,000
Moment Call Account Dr. 18,000
To Azhar's Share Capital Account 54,000
(Being Azhar's offers of 9,000 relinquished)
Azhar's Share Capital Account Dr. 9,000
To Share Relinquishment Account 9,000
(Being Azhar's offers of 9,000 relinquished)
Bank Account Dr. 72,000
Share Relinquishment Account Dr. 18,000
To Azhar's Share Capital Account 54,000
To begin with Call Account 18,000
To Moment Call Account 18,000
(Being continues gotten on the deal of Azhar's offers of 9,000)
On Ajay being issued offers:
Bank Account Dr. 1,08,000
To Ajay's Share Capital Account 1,08,000
(Being offers of 12,000 issued to Ajay @ 9 per share credited as completely paid up)
Adjust Sheet of das Restricted as on [Date]:
Liabilities Amount (Rs.) Assets Amount (Rs.)
Share Capital 36,54,000 Fixed Assets ...............
Share Premium 1,02,000 Stock ...............
First Call Account 18,000 Debtors ...............
Second Call Account 18,000 Bank ...............
Forfeited Share 37,000
Account
Reserve and Surplus ...........
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