Accountancy, asked by ritaaaakumari90, 12 days ago

Give Journal entries in the books of Sarita Ltd. Sarita Ltd. issued 2,000 shares of Rs. 100 each to the public payable as Rs. 20 on application , Rs. 40 on allotment and Rs. 40 on first and final call. Applications were received for 2500 shares. Surplus of application money was utilised for allotment. All the amounts due were duly received.

Answers

Answered by mrigakshichoudhury19

Answer:

Solution

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Date

Particulars

L.F.

Debit (Rs.)

Credit (Rs.)

Bank A/c Dr.

24,00,000

To Share Application A/c

24,00,000

(Being application money received on 1,20,000 shares)

Share Application A/c Dr.

24,00,000

To Share Capital A/c

12,00,000

To Securities Premium A/c

4,00,000

To Share Allotment A/c

4,00,000

To Bank A/c

4,00,000

(Being application money adjusted and excess money on 20,000 shares refunded)

Share Allotment A/c Dr.

12,00,000

To Share Capital A/c

8,00,000

To Securities Premium A/c

4,00,000

(Being allotment due on 80,000 shares)

Bank A/c Dr.

7,60,000

Calls in Arrears A/c Dr.

40,000

To Share Allotment A/c

8,00,000

(Being allotment money received and excess money on application adjusted)

Share First Call A/c Dr.

12,00,000

To Share Capital A/c

12,00,000

(Being call money due)

Bank A/c Dr.

11,70,000

Calls in Arrears A/c Dr.

30,000

To Share First Call A/c

12,00,000

(Being first call money received)

Bank A/c Dr.

40,000

To Calls in Arrears A/c

40,000

(Being allotment money received on 4,000 shares)

Share Capital A/c Dr.

80,000

To Share Forfeiture A/c

50,000

To Calls in Arrears A/c

30,000

(Being Sahaj’s share forfeited)

Bank A/c Dr.

1,20,000

To Share Capital A/c

1,00,000

To Securities Premium A/c

20,000

(Being Sahaj’s shares reissued for Rs. 60 per share and Rs. 50 paid up)

Share Forfeiture A/c Dr.

50,000

To Capital Reserve A/c

50,000

(Being amount transferred on shares reissued)

Computation table