A Limited issued 20,000 shares of 10 each to the public, payable 2 on application, ? 4 on
Allotment and ? 4 on first call. Applications were received for 25,000 shares. Pass the journal
in the books of the company assuming that the amount due were received and application
od and application money was returned.
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Answer:
Application
₹
2
Allotment
₹
3
First Call
₹
3
Final Call
₹
2
10
Books of Alpha Limited
Journal
Date
Particulars
L.F.
Debit Amount
(₹)
Credit
Amount
(₹)
Case I
Share Capital A/c (100×5)
Dr.
500
To Share Forfeiture A/c
200
To Share Allotment A/c
300
(100 shares of Rs 10 each, Rs 5 called-up, forfeited for the non-payment of allotment)
Case II
Share Capital A/c (100 × 8)
Dr.
800
To Share Forfeiture A/c
200
To Share Allotment A/c
300
To Share First Call A/c 300
(100 shares of Rs 10 each, Rs 8 called-up forfeited for non-payment allotment and first-call)
Case III
Share Capital A/c
Dr.
1,000
To Share Forfeiture A/c
500
To Share First Call A/c
300
To Share Final Call A/c 200
(100 shares of Rs 10 each forfeited for the non-payment Rs 5 each)
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