Accountancy, asked by ajayprasadbb9214, 11 months ago

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

Answered by kanhaiyaavp
0

heyaa,,,

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  1. 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...

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