Q. 27. Dinesh Ltd. issued 5,000 shares of 7100 each at par, payable as follows:
00; Capital Reserve 2,000.]
₹
On Application
On Allotment
25
On First Call
20
On Final Call
30
Anil, holding 100 shares failed to pay the amount of allotment and first call and his
shares were forfeited after the first call.
Sunil, holding 200 shares failed to pay the amount due on final call and his shares
were also forfeited.
Show entries in the Cash Book and Journal of the Company.
[Ans. Cash at Bank 4,86,500.]
Answers
Answer:
Bank A/c Dr. 125,000
To Share Application A/c 125,000
Share Application A/c Dr. 125,000.
To Share Capital A/c 125,000
Share Allotment A/c Dr. 125,000
To Share Capital A/c 125,000
Bank A/c ( 4900x25) Dr. 122,500
Calls In Arears A/c(100x25) Dr. 2500
To Share Allotment A/c 125,000
Share First Call A/c Dr. 100,000
To Share Capital A/c 100,000
Bank A/c (4900x20) Dr. 98,000
Calls in Arears A/c (100x20) Dr. 2,000
To Share First Call A/c 100,000
Share Capital A/c (100x70) Dr. 7,000 ( 100x70 becaause the company has called only Rs70 on his shares, and we debit
To Forfieted Shares A/c 7,000 the share capital by the called-up amount.)
Share Final Call A/c Dr.150,000
To Share Capital A/c 150,000
Bank A/c(4800x30) Dr.144,00
Calls In Arears A/c(200x30) Dr. 6,000
To Share Final Call A/c 150,000
Share Capital A/c (200x100) Dr. 20,000
To Forfieted Shares A/c 20,000
End of the sum.
I hope it'll help you :-)
Was this answer helpful