Date Particulars L.F. Dr. (`) Cr. (`)
Share Capital A/c Dr.
Securities Premium Reserve A/c Dr.
To Share Forfeiture A/c
To Calls – in – arrears A/c
(Being ….?... shares forfeited for nonPayment of `…?... including premium of
Of `2 per share)
?
1,000
?
?
600
?
3,500
?
600
Bank A/c Dr.
Share Forfeiture A/c Dr.
To Share Capital A/c
(Being ….?.... Shares reissued at `9 per
Share as fully paid)
Share Forfeiture A/c Dr.
To Capital Reserve A/c
(Being forfeiture money transferred
To capital reserve account)
Answers
Answer:
Journal
Date
Particulars
L.F.
Debit
Amount
Rs
Credit Amount
Rs
(i)
Share Capital A/c (20 Shares × 7)
Dr.
140
To Share Forfeiture A/c (20 Shares × 5)
100
To Calls-in- Arrears A/c (20 Shares × 2)
40
(20 Shares of Rs 10 each, Rs 7 called-up forfeited for the non-payment of call)
Bank A/c (15 Shares × 8)
Dr.
120
To Share Capital A/c (15 Shares × 7)
105
To Securities Premium A/c (15 Shares × 1)
15
(15 shares were reissued as Rs 7 paid-up for Rs 8 per share)
Shares Forfeiture A/c (15 Shares × 5)
Dr.
75
To Capital Reserve A/c
75
(Transfer of profit on re-issue of 15 shares)
(ii)
Share Capital A/c (90 Shares × 8)
Dr.
720
Securities Premium A/c (90 Shares × 2)
Dr.
180
To Share Forfeiture A/c (90 Shares × 5)
450
To Share Allotment A/c (90 Shares × 5)
450
(Shares forfeited for non-payment of allotment)