The a,b,c company limited issued 50000 of rs 100 each the amount was payable as follows rs 20 on application rs 20 on allotment rs 30 on first call rs 30 on final call
Answers
Step-by-step 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
Categories
Shares Applied
Shares Allotted
Application Money received @ Rs. 3
Application Money transferred to share capital & SPR @ Rs. 3
Excess on application (Rs.)
Allotment @ Rs. 3 against
First call @ Rs. 3
Refund Rs.
Face value @ Rs. 2
SPR @ Rs. 1
A
5,000
5,000
15,000
15,000
B
50,000
45,000
1,50,000
1,35,000
15,000
15,000
C
15,000
45,000
45,000
70,000
50,000
2,10,000
1,50,000
15,000
15,000
45,000