Z Ltd. Forfeited 1200 shares of ₹100 each, issued at a premium of 30% to Dinesh on which he had paid application money of₹50 per share and allotment money of ₹50 per share (including premium), for non payment of a first call of ₹10 per share. Out of these, 500 shares were re-issued as fully paid for ₹105 per share. Journalise
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on application :- 50
on allotment :- 20 + 30
on first call :- 10
on final call :- 20
premium = 100×30/100 = 30
amount after premium = 100+30=130
it is assumed that second call was not yet made
share capital AC..... Dr (1200×80) 96,000
to share forfeiture (1200×70) 84,000
to share first call (1200×10) 12,000
bank AC..... Dr (500×105) 52,500
to share capital (500×100) 50,000
to S.. P.. R.. (500×5) 2500
share forfeiture.... Dr 35,000
to capital reserve 35,000
if amount be ₹84,000 for 1200 forfieted shares.
then amount of 500 shares = ₹35,000(500×84,000/1200)
balance in forfeiture = (84,000 - 35,000) = 49,000
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