Page 320 - MA-12

Model Test Papers M.11

(b) (i) JOURNAL OF EXPORT LTD.

Date Particulars L.F. Dr. (`) Cr. (`)
Share Capital A/c (600 × ` 7) ...Dr. 4,200
To Calls-in-Arrears A/c (600 × ` 2) 1,200
To Forfeited Shares A/c (600 × ` 5) 3,000
(Being 600 shares forfeited for non-payment of first call
money of ` 2 each)
Bank A/c A/c (450 × ` 8) ...Dr. 3,600
To Share Capital A/c (450 × ` 7) 3,150
To Securities Premium Reserve A/c (450 × ` 1) 450
(Being 450 shares reissued as ` 7 paid-up for ` 8 per share)
Forfeited Shares A/c ...Dr. 2,250
To Capital Reserve A/c (450 × ` 5) 2,250
(Being the transfer of gain on reissue of 450 shares)
(ii) JOURNAL OF SWAN LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Share Capital A/c (300 × ` 8) ...Dr. 2,400
Securities Premium Reserve (300 × ` 2) ...Dr. 600
To Calls-in-Arrears A/c (300 × ` 5) 1,500
To Forfeited Shares A/c (300 × ` 5) 1,500
(Being 300 shares forfeited for non-payment of
allotment money)
Bank A/c (210 × ` 10) ...Dr. 2,100
To Share Capital A/c (210 × ` 8) 1,680
To Securities Premium Reserve (210 × ` 2) 420
(Being 210 shares reissued as ` 8 called-up for ` 10 per share)
Forfeited Shares A/c ...Dr. 1,050
To Capital Reserve A/c 1,050
(Being the gain on reissue of 210 forfeited shares transferred to Capital Reserve)

4. (a) Calculation of Net Effect of Accumulated Profits, Losses and Reserve: `
General Reserve 1,40,000
Profit and Los A/c (Cr.) 60,000
Workmen Compensation Reserve (Adjusted) 10,000
Investment Fluctuation Reserve (Adjusted) 5,000
2,15,000
Less: Advertisement Suspense A/c (Dr.) 50,000
1,65,000
Calculation of Sacrifice/(Gain) of Each Partner:
Priya Riya Siya Miya
(i) Their Old Share 6/10 3/10 1/10 ...
(ii) Their New Share 3/10 3/10 3/10 1/10
(iii) Difference (i – ii) 3/10 ... (2/10) (1/10)
Sacrifice Gain Gain