Page 147 - MA12

Model Test Papers M.53

Bank A/c (WN 3) ...Dr. 1,88,000
To Equity Shares Allotment A/c 1,40,000
To Calls-in-Advance A/c (1,200 × ` 40) 48,000
(Being the allotment money received and advance of call money
on 1,200 shares)
Equity Shares First and Final Call A/c (54,000 × ` 40) ...Dr. 21,60,000
To Equity Share Capital A/c 21,60,000
(Being the call money due)
Bank A/c ...Dr. 12,05,000
Calls-in-Advance A/c (` 9,00,000 + ` 48,000) ...Dr. 9,48,000
Calls-in-Arrears A/c (WN 4) ...Dr. 7,000
To Equity Shares First and Final Call A/c 21,60,000
(Being the first and final call money received) (WN 4)
Equity Share Capital A/c (400 × ` 100) ...Dr. 40,000
To Forfeited Shares A/c (660 × ` 50) 33,000
To Calls-in-Arrears A/c 7,000
(Being 400 shares of Vidur forfeited)
Bank A/c (400 × ` 110) ...Dr. 44,000
To Equity Share Capital A/c (400 × ` 100) 40,000
To Securities Premium Reserve A/c (400 × ` 10) 4,000
(Being 400 shares reissued for ` 110 per share as fully paid-up)
Forfeited Shares A/c ...Dr. 33,000
To Capital Reserve A/c 33,000
(Being the gain on reissue transferred to Capital Reserve)

BALANCE SHEET OF BAYSON LTD.
Particulars Note No. `
I. EQUITY AND LIABILITIES
Shareholders’ Funds
(a) Share Capital 1 54,00,000
(b) Reserves and Surplus 2 37,000
Total 54,37,000
II. ASSETS
Current Assets
Cash and Cash Equivalents 3 54,37,000
Total 54,37,000
Notes to Accounts
Particulars `
1. Share Capital
Authorised Capital
... Equity Shares of ` 100 each ...
Issued Capital
54,000 Equity Shares of ` 100 each 54,00,000
Subscribed Capital
Subscribed and Fully paid-up
54,000 Equity Shares of ` 100 each 54,00,000
2. Reserves and Surplus
Capital Reserve 33,000
Securities Premium Reserve 4,000
37,000
3. Cash and Cash Equivalents
Cash at Bank 54,37,000