Janata Ltd. forfeited 1,500 shares of Rs. 10 each at a premium of Rs. 2 each due to non-payment of First call of Rs. 3. The final call of Rs. 2 is not yet made. Out of these 900 shares were re-issued at Rs. 6, Rs. 8 called up. Pass journal entries to record the above transactions.
Answers
Answer:
The amount of Rs. 2 per share due on final call has not been recorded as it is not yet made.
Explanation:
The given transactions can be recorded through the following journal entries:
Forfeiture of shares:
Share Capital A/c (1,500 shares of Rs. 10 each fully called up) Dr. 15,000
Share Forfeiture A/c Dr. 4,500
Share Allotment A/c (1,500 shares of Rs. 2 premium) Cr. 3,000
Calls-in-Arrears A/c Cr. 16,500
Re-issue of shares:
Bank A/c Dr. 5,400
Share Forfeiture A/c Dr. 900
Share Allotment A/c (900 shares of Rs. 2 premium) Cr. 1,800
Share Capital A/c (900 shares of Rs. 10 each) Cr. 9,000
Calls Receivable A/c (900 shares of Rs. 2 each) Cr. 1,800
Note: The amount of Rs. 2 per share due on final call has not been recorded as it is not yet made.
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