Question

Q.3. X Ltd issued 20000 shares of Rs.20 each, payable:- Appn 4, Allot 4, First call 6, Final call Rs 6. All money received except following:-. 500 shares not paid Allotment & calls,. 300 shares not paid two calls,, 200 shares not paid final call. Their shares were forefeited at the end and reissued 50 per cent of their shares at Rs.15, 14, and 12 per share respectively. Journalise.​

Answer 1

Answer

1. Bank a/c. 80000

to share application a/c 80000

2. share application a/c 80000

to share capital a/c. 80000

3. share allotment 80000

to share capital. 80000

4. Bank. 78000

to share allotment. 78000

5. share first'call. 120000

to share capital 120000

6. Bank. 115200

to share first'call. 115200

7. share final call 120000

to share capital. 120000

8. Bank. 114000

to share final call. 114000

9. share capital 20000

to forfeiture 7200

to allotment. 2000

to first call 4800

to final call. 6000

10. Bank. 9000 ( 500*18)

forfeiture 1000 ( 500*2)

to share capital 10000

11. share forfeiture. 1000

to capital reserve. 1000

12. Bank. 4800

share forfeiture. 1200

to share capital. 6000

13. share forfeiture. 1200

to capital reserve 1200

14. Bank. 3000

share forfeiture. 1000

to share capital. 4000

15. share forfeiture. 1800

to capital reserve 1800

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