Bliss Products Ltd. registered with capital of ₹ 90,00,000 divided into 90,000 equity shares of ₹
100 each. The company issued prospectus inviting applications for 50,000 equity shares of ₹ 100
each payable as ₹ 20 on application, ₹ 30 on allotment, ₹ 20 on first call and balance on second
call.
Applications were received for ₹40,000 shares. Raman to whom 1600 shares were allotted failed
to pay final call money and these shares were forfeited. Of the forfeited shares, 600 shares were
reissued to Sukhman, credited as fully paid for ₹ 90 per share.
Present the Share Capital as per Schedule III of Companies Act, 2013
Answers
Answer:
Bank A/C Dr 8,00,000
To Share Application A/C 8,00,000
Share Application A/C Dr 8,00,000
To Share Capital A/C 8,00,000
Share Allotment A/C Dr 12,00,000
To Share Capital A/C 12,00,000
Bank A/C Dr 12,00,000
To Share Allotment A/C 12,00,000
Share First call A/C Dr 8,00,000
To Share Capital A/C 8,00,000
Bank A/C Dr 8,00,000
To Share First Call A/C 8,00,000
Share Final Call A/C Dr 12,00,000
To Share Capital A/C 12,00,000
Bank A/C Dr 11,52,000
To Share Final Call A/C 11,52,000
Share Capital A/C Dr 1,60,000
To Share Final Call A/C 48,000
To Share Forfeiture A/C 1,12,000
Bank A/C Dr 54,000
Disc on issue of Shares A/C Dr 6,000
To Share Capital A/C 60,000
Share Forfeiture A/C Dr 42,000
To Disc on issue of Shares A/C 6,000
To Capital Reserve 36,000