Question

5. A Limited company invited applications for 50,000 shares of Rs. 10 each.
The share money was payable Rs. 2 on application, Rs. 3 on allotment and the
balance on Ist and final call. Applications were received for 52,000 shares and
excess application money was refunded. The company received all moneys due
except on 300 shares held by one shareholder who failed to pay the call money,
These shares were forfeited.
Pass Journal entries in the books of A Limited (Narration is not required)
6......i need it's solve​

Answer 1

Answer:

Authorised capital 50,000@ 10 each

Payable as:

on application. Rs. 2

on allotment. Rs. 3

on first &final call. Rs. 5

10

Journal Bank A/c (52000×2) Dr 104000

To share application A/c 104000

(Being application money is receive)

Share application A/c (52000×2) Dr 104000

To share capital A/c (50000×2) 1,00,000

To Bank A/c (2000×2) 4000

(Being excess application money refunded)

Share allotment A/c (50000×3) Dr 1,50,000

To share capital A/c 1,50,000

(Being allotment money is due)

Bank A/c Dr 1,50,000

To share allotment A/c 1,50,000

(Being allotment money is receive)

First & Final call A/c (50000×5) Dr 2,50,000

To share capital A/c 2,50,000

(Being first&final call money is due)

Bank A/c(50000-300=49700×5) Dr 2,48,500

To first & final A/c 2,48,500

(Being first &final call money receive,except on 300 shares)

share capital A/c (300×10) Dr 3000

To forfeited share A/c (300×5) 1500

To share first & final call A/c (300×5) 1500

(Being 300 shares forfeited)