Accountancy, asked by samradhimaheshwari41, 3 months ago

Stardum Ltd. issued 50,000 Share of ` 10 each at a premium of ` 2 per share payable ` 2 on Applica-

tion, ` 4 on Allotment (including premium), ` 3 on First call and remaining on Final call. Shikha who

holds 1,000 shares could not pay allotment & call money and Deepa who holds 500 shares could not

pay both calls. Directors forfeited all these shares after making second call and reissud 1,200 shares

for ` 9 fully paid up (includs all shares of Shikha). Pass the necessary Journal entries & show the

amount of Share Forfeited transferred to Capital Reserve Accoun​

Answers

Answered by sangeeta9470
1

Answer:

Bank account. dr 100000

To share application. 100000

share application dr 100000

To. share capital 100000

share allotment. dr. 200000

To share capital. 100000

To security premium reserve 100000

bank account. dr 196000

To share allotment. 196000

share ist call account. dr 150000

To share capital. 150000

bank account. dr 145500

To share ist call. 145500

share final call dr. 150000

To share final call. 150000

bank account. dr 145500

To share final call. 145500

share capital. dr 15000

security premium

reserve. dr. 2000

To share allotment. 4000

To share ist call. 4500

To share final call. 4500

To share forfeiture. 4000

(2000+2000)

bank account. dr 10800

share forfeiture. dt 1200

To share capital. 12000

share forfeiture. dr. 1600

To capital reserve. 1600

Explanation:

total share forfeited 1500

share reissued 1200including 1000 share of Shika

Shika paid only application money 1000×2=2000

Deepa paid application and allotment 500×4=2000

when premium is received then it is ignored and Deepa paid premium so it is ignored

All share of Shika reissued then profit on her share =2000

Deepa share 500 out of which 200 share reissued so we have to calculate profit on 300 share profit on 500 share 2000

then profit o. 200 share 2000/500×200=800

total profit 2000+800=2800

(-) loss on reissue. 1200

capital reserve. =1600


Berseria: Well Done !! Great Answer .. :)
Similar questions