Page 202 - ISCDEBK-12

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

Shares Allotment A/c ...Dr. 4,000
To Share Capital A/c 2,000
To Securities Premium Reserve A/c 2,000
(Being the allotment money made due on 2,000 shares)
Calls-in-Arrears A/c ...Dr. 32
To Shares Allotment A/c 32
(Being the allotment money not received transferred to Calls-in-Arrears Account)
Shares First Call A/c (2,000 × ` 3) ...Dr. 6,000
To Share Capital A/c 4,000
To Securities Premium Reserve A/c 2,000
(Being the first call due)
Calls-in-Arrears A/c ...Dr. 300
To Shares First Call A/c 300
(Being the first call money not received trfd. to Calls-in-Arrears Account)
Share Capital A/c (40 × ` 8) ...Dr. 320
Securities Premium Reserve A/c [(40 × ` 2) – ` 8] ...Dr. 72
To Calls-in-Arrears A/c 152
To Forfeited Shares A/c 240
(Being the forfeiture of 40 shares of Ajay for non-payment of
allotment and first call money)
Shares Second and Final Call A/c ...Dr. 5,880
To Share Capital A/c 3,920
To Securities Premium Reserve A/c 1,960
(Being the second and final call due on 1,960 shares)
Calls-in-Arrears A/c ...Dr. 180
To Shares Second and Final Call A/c 180
(Being the second and final call not received transferred to
Calls-in-Arrears Account)
Share Capital A/c ...Dr. 600
Securities Premium Reserve A/c ...Dr. 120
To Calls-in-Arrears A/c 360
To Forfeited Shares A/c 360
(Being the forfeiture of 60 shares of Raghav for non-payment of calls)
Forfeited Shares A/c ...Dr. 80
To Share Capital A/c 80
(Being the loss of ` 1 per share on the reissue of 80 shares)
Forfeited Shares A/c ...Dr. 400
To Capital Reserve A/c 400
(Being the gain on 80 reissued shares transferred to Capital Reserve) (WN 3)

BALANCE SHEET as at ...
Particulars Note No. `
I. EQUITY AND LIABILITIES
Shareholders’ Funds
(a) Share Capital 1 19,920
(b) Reserves and Surplus 2 8,168
Total 28,088
II. ASSETS
Current Assets
Cash and Bank Balances 3 28,088
Total 28,088