Page 151 - AAAXII

Model Test Papers M.143

Equity Shares Application A/c ...Dr. 16,00,000
To Equity Share Capital A/c 12,00,000
To Equity Shares Allotment A/c 4,00,000
(Being the application money adjusted)
Equity Shares Allotment A/c ...Dr. 21,00,000
To Equity Share Capital A/c 18,00,000
To Securities Premium Reserve A/c 3,00,000
(Being the allotment money due)
Bank A/c (WN) ...Dr. 16,66,000
Calls-in-Arrears A/c ...Dr. 34,000
To Equity Shares Allotment A/c 17,00,000
(Being the allotment money received except on 6,000 shares)
Equity Share Capital A/c ...Dr. 60,000
Securities Premium Reserve A/c ...Dr. 6,000
To Calls-in-Arrears A/c 34,000
To Forfeited Shares A/c 32,000
(Being 6,000 shares of Somu forfeited)
Bank A/c ...Dr. 54,000
Forfeited Shares A/c ...Dr. 6,000
To Equity Share Capital A/c 60,000
(Being the forfeited shares reissued)
Forfeited Shares A/c ...Dr. 26,000
To Capital Reserve A/c 26,000
(Being the profit on reissue transferred)
Working Note:
Calculation of Allotment Money Received:
4,00,000
=
Shares Applied by Somu = ¥ 6,000 8,000 shares
3,00,000
Excess Application Money received from Somu = (8,000 – 6,000) × ` 4 = ` 8,000.
`
Allotment Money Due on 6,000 shares 42,000
Less: Excess Application Money Adjusted 8,000
Amount Not Paid by Somu 34,000
Total Allotment Money due 21,00,000
Less: Already Adjusted 4,00,000
17,00,000
Less: Amount Not Paid by Somu 34,000
Allotment Money Received 16,66,000
Or
JOURNAL OF FABER CASTLE LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
(i) Bank A/c ...Dr. 24,00,000
To Equity Shares Application A/c 24,00,000
(Being the application money received)
(ii) Equity Shares Application A/c ...Dr. 24,00,000
To Equity Share Capital A/c 10,00,000
To Securities Premium Reserve A/c 6,00,000
To Bank A/c 4,00,000
To Equity Shares Allotment A/c 4,00,000
(Being the application money adjusted)