Accountancy, asked by deepak676, 1 year ago

Vishesh Ltd. forfeited 1000 equity shares of ₹10 each issued at a premium of ₹2 per share nonpayment of allotment money of ₹5 per share including premium. The finals call of ₹2 per share called on these share. Of the forfeited shares 800 share were received at ₹10 per share fully paid-up. The remaining share were reissued at ₹11 per share fully paid-up. Pass necessary journal entries in the book of the company

Answers

Answered by sridharchirag06
0

Answer:

Journal

In the books of Vishesh Ltd.

Date

Particulars

L.F.

Debit

Amount

Rs

Credit Amount

Rs

Equity Share Capital A/c (8×1,000)

Dr.

8,000

Securities Premium A/c (2×1,000)

Dr.

2,000

To Share Forfeiture A/c

5,000

To Calls-in-Arrears

5,000

(1,000 shares of Rs 10 each issued at premium of Rs 2 forfeited for non payment of allotment money of Rs 5 including premium, final call of Rs 2 not yet made)

Bank A/c (12×800)

Dr.

9,600

To Share Capital A/c

8,000

To Securities Premium A/c

1,600

(800 shares reissued at Rs 12 fully paid up)

Bank A/c (11×200)

Dr.

2,200

To Share Capital A/c

2,000

To Securities Premium A/c

200

(200 shares reissued at Rs 11 fully paid up)

Share Forfeiture A/c

Dr.

5,000

To Capital Reserve A/c

5,000

(Profit on reissue transferred to capital reserve)

Answered by priyanshagrawa2005
0

Explanation:

TOPIC - SHARE FORFEITURE

Attachments:
Similar questions