Question

A company issued 20,000 shares of ₹ 100 each payable ₹ 25 per share on application, ₹ 25 per share on allotment and the balance in two calls of ₹ 25 each. The company did not make the final call of ₹ 25 per share. All the money was duly received with the exception of the amount due on the first call on 400 shares held by Mr. Modi. The Board of Directors forfeited these shares and subsequently reissued them @ ₹ 75 per share paid-up for a sum of ₹ 28,000. journalise the above transactions and prepare Share Capital Account.

Answer 1

HEYA MATE YOUR ANSWER IS

Bank A/c Dr.

1,44,800

To Share application A/c

1,44,800

(Being Application money received)

Share application A/c Dr.

1,44,800

To Share capital A/c

1,00,000

To Share allotment A/c

20,800

To Bank A/c

21,000

To Calls in advance A/c

3,000

(Being application money transferred)

OR

Share application A/c Dr.

1,44,800

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Answer 2

Issued capital 20,000 share of rs.10 each applied capital 20,000 shares 100 each

$Payable as:\\On Application : rs25\\On Allotment : Rs 25\\On first call : Rs 25\\On final call : Rs 25\\Total : 100\\Called up = Rs 75$$Calculation of capital reserve \\share forfeiture Cr = 20,000\\less : share forfeiture debit = 2000\\Balance in share forfeiture = 18,000$

Capital reserve = Balance in share forfeiture A/C after re - issue = Rs 18000