Question

Sukanya Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each. The shares were issued at a premium of ₹ 20 per share. The amount was payable as follows:
Applications for 96,000 shares were received. Rohit, a shareholder holding 7,000 shares, failed to pay both the calls and Namit a holder of 5,000 shares, did not pay the final call.
Shares of Rohit and Namit were forfeited. Of the forfeited shares 8,000 shares including all the shares of Rohit were reissued to Reena at ₹ 8 per share fully paid-up.
Pass necessary journal entries for the above transactions in the books of Sukanya Ltd.

Answer 1

HEYA MATE YOUR ANSWER IS

Applications for 96,000 shares were received. Rohit, a shareholder holding 7,000 shares, failed to pay both the calls and Namit a holder of 5,000 shares, did not pay the final call.

Shares of Rohit and Namit were forfeited. Of the forfeited shares 8,000 shares including all the shares of Rohit were reissued to Reena at ₹ 8 per share fully paid-up.

Pass necessary journal entries for the above transactions in the books of Sukanya Ltd.

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Answer 2

The necessary journal entries for the above transactions in the books of Sukanya Ltd are prepared and calculated below:

Explanation:

Amount transferred to Capital Reserve

Amount forfeited on reissued shares of Rohit $=\mathrm{Rs} .28,000$

Forfeited on re-issued shares of Namit's

= Amount Forfeited $\times \frac{\text { Shares Re-issued }}{\text { Shares Forfeited }}$

$=35,000 \times \frac{1,000}{5,000}=7,000$

Total amount forfeited on reissued shares

$=28,000+7,000=\mathrm{Rs} .35,000$

Amount transferred to Capital Reserve A/c

$=35,000-16,000=R s .19,000$

Thus, the amount forfeited on reissued shares and the amount transferred to Capital Reserve A/c are Rs. 35,000 and Rs. 19,000 respectively.