Question

From the following information complete Journal entries.
Date
Particulars
Debit)
Credit)
?
1000
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 non-payment of_?
including premium of 2 per share)
?
3,500
W
?
Bank Alc
Dr.
Share Forfeiture A/C
Dr.
To Share Capital A/C
shares reissued at 9 per share as fully paid)
?
2
(Being_
600
Share forfeiture A/C
Dr.
To Capital Reserve A/C
(Being forfeiture money transferred to capital reserve)
600​

Answer 1

Answer:

Explanation:

                                   Journal Entries                                                    

Date                     Particulars                  Amount (Dr.)                Amount (Cr.)

Equity Share Capital A/c (200 x ₹ 10)   Dr. 2,000  

Securities Premium A/c  (200 x ₹ 2) Dr. 400  

  To Shares Allotment A/c (200 x ₹ 5)     Cr.                 1,000

  To Forfeited Shares A/c (200 x ₹ 4)         Cr.                 800

  To First and final Call A/c (200 x ₹ 3) Cr.                 600

(Being 200 shares forfeited for non-payment of allotment and first and final call money)  

 

Equity Share Capital A/c (200 x ₹ 10) Dr. 2,000  

  To Forfeited Shares A/c (200 x ₹ 7)                        Cr.  1,400

  To First and final Call A/c (200 x ₹ 3)                 Cr.  600

(Being 200 shares forfeited for non-payment of first and final call money)