X limited issued 50,000 shares. Received-87,500. Excess shares where rejected. Face value RS 30. On application-15.... On Allotment-10....On 1st call-2.5.....On 2nd call-2.5
Answers
Explanation:
ANSWER
In the books of X Ltd
Journal
Particulars
Dr.
Cr.
Bank A/c Dr.
1,44,800
To Share application A/c
1,44,800
(Being Application money received)
Share application A/c Dr.
1,44,800
To Share capital A/c
1,00,000
To Share allotment A/c
20,800
To Bank A/c
21,000
To Calls in advance A/c
3,000
(Being application money transferred)
OR
Share application A/c Dr.
1,44,800
To Share capital A/c
1,00,000
To Bank A/c
21,000
To Calls in advance A/c
23,800
(Being application money transferred)
Share allotment A/c Dr.
1,00,000
To Share capital A/c
1,00,000
(Being allotment money due)
Bank A/c Dr.
71,200
Calls in advance A/c Dr.
20,800
Calls in arrears A/c Dr.
8,000
To Share allotment A/c
1,00,000
(Being allotment money received)
Share capital A/c Dr.
20,000
To Share forfeiture A/c
12,000
To Calls in arrears A/c
8,000
(Being share forfeited)
Share Ist call A/c Dr.
1,35,000
To Share capital A/c
1,35,000
(Being amount due on first call)
Bank A/c Dr.
1,33,500
Calls in advance A/c Dr.
1,500
To Share Ist call A/c
1,35,000
(Being amount received on first call)
Share final call A/c Dr.
1,35,000
To Share capital A/c
1,35,000
(Being amount due on final call)
Bank A/c Dr.
1,33,500
Calls in advance A/c Dr.
1,500
To Share final call A/c
1,35,000
(Being amount received on final call)
Bank A/c Dr.
20,000
To Share capital A/c
20,000
(Being share reissue)
Share forfeiture A/c Dr.
12,000
To Capital reserve A/c
12,000
(Being amount transferred capital reserve)