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Joint Stock Company—Issue of Shares 7.31

JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
Shares Application A/c ...Dr. 10,50,000
To Share Capital A/c (3,00,000 shares × ` 2) 6,00,000
To Securities Premium Reserve A/c (3,00,000 shares × ` 1) 3,00,000
To Shares Allotment A/c (50,000 shares × ` 3) 1,50,000
(Being the application money adjusted)
Shares Allotment A/c ...Dr. 12,00,000
To Share Capital A/c 9,00,000
To Securities Premium Reserve A/c 3,00,000
(Being the allotment money made due on 3,00,000 shares)
Calls-in-Arrears A/c ...Dr. 21,000
To Shares Allotment A/c 21,000
(Being the allotment money not received transferred to Calls-in-Arrears Account)
Share Capital A/c (6,000 shares × ` 5) ...Dr. 30,000
Securities Premium Reserve A/c (6,000 shares × ` 1) ...Dr. 6,000
To Calls-in-Arrears A/c 21,000
To Forfeited Shares A/c 15,000
(Being the forfeiture of 6,000 shares of Honey for non-payment of
allotment money)
Shares First Call A/c ...Dr. 11,76,000
To Share Capital A/c 8,82,000
To Securities Premium Reserve A/c 2,94,000
(Being the first call due on 2,94,000 shares)
Calls-in-Arrears A/c ...Dr. 36,000
To Shares First Call A/c 36,000
(Being the first call money not received trfd. to Calls-in-Arrears Account)
Shares Second and Final Call A/c ...Dr. 8,82,000
To Share Capital A/c 5,88,000
To Securities Premium Reserve A/c 2,94,000
(Being the second and final call due on 2,94,000 shares)
Calls-in-Arrears A/c ...Dr. 36,000
To Shares Second and Final Call A/c 36,000
(Being the second and final call not received transferred to
Calls-in-Arrears Account)
Share Capital A/c ...Dr. 90,000
Securities Premium Reserve A/c ...Dr. 18,000
To Calls-in-Arrears A/c 63,000
To Forfeited Shares A/c 45,000
(Being the forfeiture of 9,000 shares of Khushal for non-payment of calls)
Forfeited Shares A/c ...Dr. 11,000
To Share Capital A/c 11,000
(Being the loss of ` 1 per share on the reissue of 11,000 shares)
Forfeited Shares A/c ...Dr. 39,000
To Capital Reserve A/c 39,000
(Being the gain on 11,000 reissued shares transferred to Capital Reserve) (WN 3)