Accountancy, asked by ashaboosly502, 2 months ago

S Ltd. invited application for 2000 shares of Rs.10 each at premium of Rs.2 per share Rs.2 on application,Rs.5 on allotment (including premium),Rs.2 on first call,Rs.3 on final call 15000 shares were applies for and alloted.All the money was received with the expectation of first & final calls on 500 shares held by Ramu.These share were forfeited and re-issue at Rs.7 each.Give journal entries and the balance sheet of the company

Answers

Answered by gyaneshwarsingh882

Answer:

Explanation:

Date

Particulars

L.F.

Debit (Rs.)

Credit (Rs.)

Bank A/c Dr.

2,10,000

To Share Application A/c

2,10,000

(Being application money received on 70,000 shares)

Share Application A/c Dr.

2,10,000

To Share Capital A/c

1,00,000

To Securities Premium Reserve A/c

50,000

To Share Allotment A/c

15,000

To Bank A/c

45,000

(Being application money transferred to share capital and adjusted)

Share Allotment A/c Dr.

1,50,000

To Share Capital A/c

1,00,000

To Securities Premium Reserve A/c

50,000

(Being allotment due on 50,000 shares)

Bank A/c Dr.

1,11,000

Calls in Arrears A/c Dr.

24,000

To Share Allotment A/c

1,35,000

(Being allotment money received with the exception of 8,000 shares)

Share First Call A/c Dr.

1,50,000

To Share Capital A/c

1,50,000

(Being first call due on 50,000 shares)

Bank A/c Dr.

1,20,000

Calls in Arrears A/c Dr.

30,000

To Share First Call A/c

1,50,000

(Being allotment money received with the exception of 8,000 shares)

Share Capital A/c Dr.

56,000

Securities Premium Reserve A/c

8,000

To Forfeited Shares A/c

16,000

To Calls in Arrears A/c

48,000

(Being 8,000 shares for non-payment of allotment and first call and 2,000 shares for non-payment of first call forfeited)

Bank A/c Dr.

32,000

Forfeited Shares A/c Dr.

8,000

To Share Capital A/c

40,000

(Being 50% of forfeited shares reissued as fully paid-up)

Pro-Rata Computation table