Page 189 - ISCDEBK-12

Joint Stock Company—Issue of Shares 7.25

Bank A/c ...Dr. 5,99,400
Calls-in-Arrears A/c ...Dr. 600
To Shares Second and Final Call A/c 6,00,000
(Being the second and final call money received except
on 200 shares)
Share Capital A/c ...Dr. 2,000
Securities Premium Reserve A/c ...Dr. 400
To Forfeited Shares A/c 1,500
To Calls-in-Arrears A/c 900
(Being 200 shares forfeited for non-payment of first call and second
and final call, including premium (WN 3))
Bank A/c ...Dr. 1,950
To Share Capital A/c 1,500
To Securities Premium Reserve A/c 450
(Being 150 shares out of 200 forfeited shares issued @ ` 13 per share)
Forfeited Shares A/c ...Dr. 1,125
To Capital Reserve A/c 1,125
(Being the amount forfeited on 150 reissued shares transferred to
Capital Reserve)

BALANCE SHEET
as at ...
Particulars Note No. `
I. EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital 1 19,99,875

Note to Accounts
1. Share Capital `
Authorised Capital
... Shares of ` 10 each ...
Issued Capital
2,00,000 Shares of ` 10 each 20,00,000
Subscribed Capital
Subscribed and fully paid-up
1,99,950 Shares of ` 10 each 19,99,500
Add: Forfeited Shares A/c 375
19,99,875

Working Notes:

1. Total Amount received towards First Call: Share Capital (`) Securities Premium (`)
Total amount due 4,00,000 2,00,000
Less: Amount adjusted from Calls-in-Advance 3,00,000 ...
1,00,000 2,00,000
Less: Amount not received from Dinesh 100 200
99,900 1,99,800
Total Amount Received = ` 2,99,700.