Lucky Ltd. invited applications for 50,000 equity shares of Rs. 10 each, payable as Rs. 2 on application, Rs. 3 on allotment and the balance on first and final call. Applications were received for 1,50,000 shares and the share were allotted on a pro-rata basis, The excess application money was to be adjusted against allotment only. Maya, a holder who had applied for 1,500 shares, failed to pay the call money and her share were forfeited and were reissued @ 8 per share as fully paid.
Answers
heyaa,,,
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- Bank a/c Dr 3,00,000
share application a/c 3,00,000
(application money receved)
2. share application a/c Dr 3,00,000.
to share capital 1,00,000.
to share allotment a/c 1,50,000
to Bank a/c 50,000.
(application money adjusted)
3. share allotment a/c Dr 1,50,000
to share capital a/c 1,50,000.
(allotment due)
4. share first & final call a/c Dr 2,50,000.
to share capital a/c 2,50,00.
(1st and final call money due)
5. Bank a/c Dr 2,42,500
Call in arrear a/c Dr 7,500
to share 1st and final call a/c 2,50,000.
(call money received)
6. Share capital a/c Dr 15,000
to share forfeiture a/c 7,500
to call in arrear a/c 7,500.
(share forfeited)
7. Bank a/c dr 12,000
share forfeiture a/c Dr 3000
to share capital a/c 15,000.
(amt. received )
8. share forfeiture a/c Dr 4000
to capital reserve a/c 4000.
(forfeited amt transferred to CR)
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Hope it helps...