Amisha Ltd inviting application for 40,000 shares of Rs 100 each at a premium of Rs 20 per share payable; on application Rs 40 ; on allotment Rs 40 (Including premium): on first call Rs 25 and Second and final call Rs 15. Application were received for 50,000 shares and allotment was made on pro-rata basis. Excess money on application was adjusted on sums due on allotment. Rohit to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited after allotment. Ashmita, who applied for 1,000 shares failed to pay the Two calls and his shares were forfeited after the second call. Of the shares forfeited, 1,200 shares were sold to Kapil for Rs 85 per share as fully paid, the whole of Rohit’s shares being included. Record necessary journal entries.
Answers
Answer:
Explanation:
Bank A/c Dr. 20,00,000
To Share Application A/c 20,00,000
(Share Application money received on 50,000 shares @ 40 per share)
Share Application A/c Dr. 20,00,000
To Share Capital A/c 16,00,000
To Share Allotment A/c 4,00,000
(Share Application money adjusted)
Share Allotment A/c Dr. 16,00,000
To Share Capital A/c 8,00,000
To Share Premium A/c 8,00,000
(Share Allotment money due including premium)
Bank A/c Dr. 11,82,000
To Share Allotment A/c 11,82,000
(Share Allotment money received except 600 shares)
Share Capital A/c Dr. 36,000
Share premium A/c Dr. 12,000
To Share Allotment A/c 18,000
To Share Forfeiture A/c 30,000
(600 shares forfeited after allotment)
Share First Call A/c Dr. 9,85,000
To Share Capital 9,85,000
(First Call money in due on 39,400 shares)
Bank A/c Dr. 9,65,000
To Share First Call A/c 9,65,000
(First Call money received except 800 shares)
Share Second and Final Call A/c Dr. 5,91,000
To Share Capital A/c 5,91,000
(Second and Final Call money due on 39,400 shares)
Bank A/c Dr. 5,79,000
To Share Second and Final Call A/c 5,79,000
(Second and Final Call money received except 800 shares)