Page 180 - ISCDEBK-12

7.16 Double Entry Book Keeping (Section A)—ISC XII

Equity Shares First Call A/c ...Dr. 2,50,000
To Equity Share Capital A/c 2,50,000
(Being the first call money due on 10,000 shares)

Bank A/c [` 2,50,000 – (` 25 × 100)] ...Dr. 2,47,500
Calls-in-Arrears A/c ...Dr. 2,500
To Equity Share Capital A/c 2,50,000
(Being the first call money received on 9,900 shares)
Equity Shares Second and Final Call A/c ...Dr. 2,50,000
To Equity Share Capital A/c 2,50,000
(Being the second call money due on 10,000 shares)
Bank A/c [(` 2,50,000 – (` 25 × 140)] ...Dr. 2,46,500
Calls-in-Arrears A/c ...Dr. 3,500
To Equity Shares Second and Final Call A/c 2,50,000
(Being the second call money received except on 140 shares)

Equity Share Capital A/c (100 × ` 100) ...Dr. 10,000
To Calls-in-Arrears A/c (100 × ` 50) 5,000
To Forfeited Shares A/c (100 × ` 50) 5,000
(Being 100 shares of Mr. Unlucky forfeited for non-payment of
first and second and final calls)
Bank A/c (100 × ` 75) ...Dr. 7,500
Forfeited Shares A/c (100 × ` 25) ...Dr. 2,500
To Equity Share Capital A/c 10,000
(Being the reissue of 100 forfeited shares as fully paid-up
@ ` 75 per share)
Forfeited Shares A/c (` 5,000 – ` 2,500) ...Dr. 2,500
To Capital Reserve A/c 2,500
(Being the gain on reissue of shares transferred to Capital Reserve)

BALANCE SHEET as at ...

Particulars Note No. `
I. EQUITY AND LIABILITIES
Shareholders’ Funds
(a) Share Capital 1 9,99,000
(b) Reserves and Surplus 2 2,500
Total 10,01,500
II. ASSETS
Current Assets
Cash and Bank Balances 3 10,01,500
Total 10,01,500