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M.32 Management Accounting (Section B)—ISC XII

4. JOURNAL OF RATNAKAR LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 15,00,000
To Equity Shares Application A/c 15,00,000
(Being the application money received on 75,000 shares @ ` 20 each)
Equity Shares Application A/c ...Dr. 15,00,000
To Equity Share Capital A/c (50,000 × ` 20) 10,00,000
To Bank A/c (25,000 × ` 20) 5,00,000
(Being the application money transferred to share capital and surplus refunded)
Equity Shares Allotment A/c ...Dr. 20,00,000
To Equity Share Capital A/c 20,00,000
(Being allotment money due on 50,000 shares @ ` 40 each)
Bank A/c ...Dr. 19,60,000
Calls-in-Arrears A/c (1,500 × ` 40) ...Dr. 60,000
To Equity Shares Allotment A/c 20,00,000
To Calls-in-Advance A/c (500 × ` 40) 20,000
(Being the allotment money received on 48,500 shares
and both the calls money received on 500 shares in advance)
Equity Shares First Call A/c (50,000 × ` 20) ...Dr. 10,00,000
To Equity Share Capital A/c 10,00,000
(Being the first call due on 50,000 shares @ ` 20)
Bank A/c ...Dr. 10,30,000
Calls-in-Arrears A/c (1,000 × ` 20) ...Dr. 20,000
Calls-in-Advance A/c (500 × ` 20) ...Dr. 10,000
To Equity Shares First Call A/c 10,00,000
To Calls-in-Arrears A/c 60,000
(Being the first call money received except on 1,000 shares also
allotment money due received)
Equity Shares Second and Final Call A/c ...Dr. 10,00,000
To Equity Share Capital A/c 10,00,000
(Being the second and final call due @ ` 20 each on 50,000 shares)
Bank A/c ...Dr. 9,70,000
Calls-in-Arrears A/c (1,000 × ` 20) ...Dr. 20,000
Calls-in-Advance A/c (500 × ` 20) ...Dr. 10,000
To Equity Shares Second and Final Call A/c 10,00,000
(Being the second and final call money received except on
1,000 shares)
Equity Share Capital A/c (1,000 × ` 100) ...Dr. 1,00,000
To Forfeited Shares A/c (1,000 × ` 60) 60,000
To Calls-in-Arrears A/c (1,000 × ` 40) 40,000
(Being the 1,000 shares forfeited for non-payment of first call and
second and final call)
Bank A/c (800 × ` 120) ...Dr. 96,000
To Equity Share Capital A/c (800 × ` 100) 80,000
To Securities Premium Reserve A/c (800 × ` 20) 16,000
(Being 800 forfeited shares reissued @ ` 120 per share as fully paid-up)
Forfeited Shares A/c (800 × ` 60) ...Dr. 48,000
To Capital Reserve A/c 48,000
(Being the gain on reissue of 800 forfeited shares transferred to
Capital Reserve)