Accountancy, asked by pinkigupta8874, 11 months ago

rathee ltd invited applications for issuing 100000 equity shares of 10 each . the shares were issued at a premium of 60% . the amount was payable as follows. applications and allotment - 6 including premium 4; on first and final call :balance including premium. applications for 190000 shares received . the allotment was made as follows : category 1 : 10,000 shares were rejected ; category 2 : 1,00,000 shares were alloted 50,000; category 3 : 80,000 were alloted 50,000. excess money received on application and allotment was adjusted towards sums due on first call and final call. ali, who belonged to category 2 and had applied for 1000 shares paid the entire amount of his share money with application. bali, who belonged to category 3 , was allotted 1000 shares , failed to pay the first and final call money. his shares were forfeited and re issued at Rs.15 per share fully paid up. pass necessary journal entries.

Answers

Answered by Afreenakbar
0

Answer:

The equity shares of 10 each . the shares were issued at a premium of 60%

Explanation:

Bank A/c (1,60,000 × 3) Dr.  4,80,000

To Share Application A/c    4,80,000

(Being application money received on 1,60,000 shares)    

   

Share Application A/c Dr.  4,80,000

To Share Capital A/c (1,00,000 × 3)    3,00,000

To Call-in Advance A/c (4,80,000 – 3,00,000)    1,80,000

(Being application money adjusted on 1,00,000 shares and Excess treated as an advance)    

   

Share Allotment A/c (1,00,000 × 3) Dr.  3,00,000

To Share Capital A/c (1,00,000 × 2)    2,00,000

To Securities Premium Reserve A/c (1,00,000 × 1)    1,00,000

(Being allotment money due)    

   

Bank A/c Dr.  1,47,300

Calls-in-Advance A/c (1,20,000 + 30,000) Dr.  1,50,000

Calls-in-Arrear A/c [(1,200 × 3) – 900] Dr.  2,700

To Share Allotment A/c    3,00,000

(Being allotment money received after adjusting the excess application money and non-payment on 1,200 shares)    

   

Share First Call A/c (1,00,000×3) Dr.  3,00,000

To Share Capital A/c    3,00,000

(Being first call money due)    

   

Bank A/c Dr.  2,64,600

Calls-in-Advance A/c (1,80,000 – 1,50,000) Dr.  30,000

Calls-in-Arrears A/c [3,600 + (2,400 – 600)]   5,400

To Share First Call A/c    3,00,000

(Being amount received on first call except on 2,000 shares)    

   

Share Second and Final Call A/c (1,00,000 × 2) Dr.  2,00,000

To Share Capital A/c    2,00,000

(Being share second and final call money due)    

   

Bank A/c Dr.  1,96,000

Call-in-Arrears A/c (2,000 × 2) Dr.  4,000

To Share Second and Final Call A/c    2,00,000

(Being amount received on second and final call except on 2,000 shares)    

   

Share Capital A/c (2,000 × 10) Dr.  20,000

Securities Premium Reserve A/c (1,200 × 1) Dr.  1,200

To Share Forfeiture A/c [(3,600 + 900) + (800 × 5 + 600)]    9,100

To Calls-in-Arrears A/c (2,700 + 5,400 + 4,000)    12,100

(Being 2,000 shares forfeited for non-payment of amount due)    

   

Bank A/c (2,000 × 7) Dr.  14,000

Share Forfeiture A/c Dr.  6,000

To Share Capital A/c    20,000

(Being 2000 shares reissued at ₹ 7 per share fully paid-up)    

   

Share Forfeiture A/c Dr.  3,100

To Capital Reserve A/c (9,100 – 6,000)    3,100

(Being capital gain on reissued shares transferred)    

To learn more about equity visit

https://brainly.in/question/17403401

https://brainly.in/question/33845873

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Answered by manishakakkar16
0

Answer:

The equity shares of 10 each . the shares were issued at a premium of 60%

Explanation:

Bank A/c (1,60,000 × 3) Dr.  4,80,000

To Share Application A/c    4,80,000

(Being application money received on 1,60,000 shares)    

 

Share Application A/c Dr.  4,80,000

To Share Capital A/c (1,00,000 × 3)    3,00,000

To Call-in Advance A/c (4,80,000 – 3,00,000)    1,80,000

(Being application money adjusted on 1,00,000 shares and Excess treated as an advance)    

 

Share Allotment A/c (1,00,000 × 3) Dr.  3,00,000

To Share Capital A/c (1,00,000 × 2)    2,00,000

To Securities Premium Reserve A/c (1,00,000 × 1)    1,00,000

(Being allotment money due)    

 

Bank A/c Dr.  1,47,300

Calls-in-Advance A/c (1,20,000 + 30,000) Dr.  1,50,000

Calls-in-Arrear A/c [(1,200 × 3) – 900] Dr.  2,700

To Share Allotment A/c    3,00,000

(Being allotment money received after adjusting the excess application money and non-payment on 1,200 shares)    

 

Share First Call A/c (1,00,000×3) Dr.  3,00,000

To Share Capital A/c    3,00,000

(Being first call money due)    

 

Bank A/c Dr.  2,64,600

Calls-in-Advance A/c (1,80,000 – 1,50,000) Dr.  30,000

Calls-in-Arrears A/c [3,600 + (2,400 – 600)]   5,400

To Share First Call A/c    3,00,000

(Being amount received on first call except on 2,000 shares)    

 

Share Second and Final Call A/c (1,00,000 × 2) Dr.  2,00,000

To Share Capital A/c    2,00,000

(Being share second and final call money due)    

 

Bank A/c Dr.  1,96,000

Call-in-Arrears A/c (2,000 × 2) Dr.  4,000

To Share Second and Final Call A/c    2,00,000

(Being amount received on second and final call except on 2,000 shares)    

 

Share Capital A/c (2,000 × 10) Dr.  20,000

Securities Premium Reserve A/c (1,200 × 1) Dr.  1,200

To Share Forfeiture A/c [(3,600 + 900) + (800 × 5 + 600)]    9,100

To Calls-in-Arrears A/c (2,700 + 5,400 + 4,000)    12,100

(Being 2,000 shares forfeited for non-payment of amount due)    

 

Bank A/c (2,000 × 7) Dr.  14,000

Share Forfeiture A/c Dr.  6,000

To Share Capital A/c    20,000

(Being 2000 shares reissued at ₹ 7 per share fully paid-up)    

 

Share Forfeiture A/c Dr.  3,100

To Capital Reserve A/c (9,100 – 6,000)    3,100

(Being capital gain on reissued shares transferred)    

To learn more about equity visit

brainly.in/question/17403401

brainly.in/question/33845873

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