The Directors of a company forfeited 100 equity shares of Rs.10 each on which the first call of Rs.3 and final call of Rs.3 had not been paid. Of these 40 shares were reissued upon payment of Rs.300. Journalise the transactions of forfeiture and reissue of shares.
Answers
Answer:
Hope this will help you!!
Explanation:
Equity share final call A/c Dr. 2500
To Equity share capital 2500
(Being final call due)
Equity share capital A/c Dr. 10,000
To calls in arrear 2500
To share forfeiture 7500
(being shares forfeited)
Bank A/c Dr 4900
Share Forfeiture A/c Dr 2100
To Equity share capital 7000
(Being 700 shares re-issued)
Share forfeiture A/c 3150
To Capital Reserve 3150
(Being balance on 700 shares in share forfeiture account transferred to capital reserve)
Notes:- Balance in share forfeiture A/c = 7500
Amount for 700 shares = 7500/1000*700 = 5250
Less: Amount Utilised = (2100)
Balance left 3150
Answer:
"Try Try but don't cry"
Explanation:
What would you like to ask?
ACCOUNTANCY
The directors of a company forfeited 1000 shares of Rs. 10 each, Rs. 7.50 paid up, for non payment of final call money of Rs. 2.50 per share. 700 of these shares are reissued @ Rs. 7/− per share. The amount transferred to capital reserve A/c would be__________.
Help best friend
Study later
ANSWER
Equity share final call A/c Dr. 2500
To Equity share capital 2500
(Being final call due)
Equity share capital A/c Dr. 10,000
To calls in arrear 2500
To share forfeiture 7500
(being shares forfeited)
Bank A/c Dr 4900
Share Forfeiture A/c Dr 2100
To Equity share capital 7000
(Being 700 shares re-issued)
Share forfeiture A/c 3150
To Capital Reserve 3150
(Being balance on 700 shares in share forfeiture account transferred to capital reserve)
Notes:- Balance in share forfeiture A/c = 7500
Amount for 700 shares = 7500/1000*700 = 5250
Less: Amount Utilised = (2100)
Balance left 3150
How satisfied are you with the answer?
Not same ........I know