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
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)
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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)
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