Accountancy, asked by bcomh01094, 5 months ago

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

Answered by Garvita29
3

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

Answered by reetsekhon07
1

Answer:

"Try Try but don't cry"

Explanation:

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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__________.

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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

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