Question

Rohit Ltd. Invited applications for 30,000 equity shares of Rs. 100 each issued at a premium of Rs 20
Per share. The amount was payable as follows:
On Application Rs 40. (including Rs. 10 as premium)
On Allotment Rs. 40 per share, (including Rs. 10 as premium)
On First call Rs. 20.
On Second and Final call Rs. 20
Applications for 40,000 shares were received and pro-rata allotment was made on the applications
for 35,000 shares. Excess application money is to be utilized towards allotment
Rohan to whom 600 shares were allotted failed to pay the allotment money and his shares were
forfeited after allotment
Aman who applied for 1,050 shares failed to pay the first call and his shares were forfeited after the
first call. The Second and Final call was not yet made.
of the shares forfeited 1,000 shares were reissued as fully paid for Rs. 80 per share which included
the whole of Rohan's shares,
Jounalise the above transaction.​

Answer 1

Answer:

Rohit Ltd. Invited applications for 30,000 equity shares of Rs. 100 each issued at a premium of Rs 20 Per share. The amount was payable as follows:

Explanation:

Bank A/cDr.9,00,000

To Equity Share Application A/c9,00,000

(Application money received on application for 30,000 equity shares @ Rs 30 per share)

Equity Share Application A/cDr.9,00,000

To Equity Share Capital A/c9,00,000

(Share Application money transferred to Share Capital Account)

Equity Share Allotment A/c Dr.15,00,000

To Equity Share Capital A/c15,00,000

(Allotment money due on 30,000 @ Rs 50 per share)

Bank A/cDr.15,00,000

To Equity Share Allotment A/c15,00,000

(Share Allotment money received for 30,000 shares @Rs 50 per share)

Equity Share First and Final Call A/cDr.6,00,000

To Equity Share Capital A/c6,00,000

Share First and Final call due on 30,000 shares @ Rs 20per share)

Bank A/c Dr.6,00,000

To Equity Share First and Final Call A/c6,00,000

(Share First and Final Call money received for 30,000shares @ Rs20 per share)

Accrual accounting includes monitoring income and prices as they'll be incurred (while an bill is despatched or a bill acquired) in preference to when coins absolutely modifications palms. if a enterprise business enterprise provides a service to a customer in December, but does no longer get hold of fee till January of the following one year, the revenue from that company may be recorded as an accrual in December, at the same time as it have become earned.

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