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
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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)
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Explanation:
TOPIC - SHARE FORFEITURE
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