Question

Apple ltd issued 10,000 equity shares of Rs 100 each The amount payable is as under Rs 50 on application Rs 30 on allotment Rs 20 on first and final call All the shares were subscribed and money was duly received except Mr Abhijeet. who had 1000 shares failed to pay the allotment .the first and final call is not yet made. Journalize the transaction​

Answer 1

Answer:

Correct option is A)

Equity share capital A/c Dr(400*100) 40,000

To Share forfeiture account (400*75) 30,000

To calls in arrear account (400*25) 10,000

(Being share forfeited)

Bank A/c Dr.(300*80) 24,000

Share Forfeiture A/c Dr 6000

To Share capital A/c 30,000

(Being shares forfeited re-issued)

Shares forfeiture A/c Dr (30,000-6000) 16,500

To Capital Reserve A/c 16,500

(Being balance in share forfeiture account transferred to capital reserve)

Answer 2

Explanation:

30 on allotment Rs 20 on first and final call All the shares were subscribed and money was duly received except Mr Abhijeet. who had 1000 shares failed to pay the allotment .the first and final call is not yet made. Journalize the transaction