Page 174 - AAAXII

Model Test Papers M.165

Shares First and Final Call A/c ...Dr. 1,50,000
To Share Capital A/c 1,50,000
(Being the call money due)
Bank A/c ...Dr. 1,47,300
To Shares First and Final Call A/c 1,47,300
Or
Bank A/c ...Dr. 1,47,300
Calls-in-Arrears A/c ...Dr. 2,700
To Shares First and Final Call A/c 1,50,000
(Being the first and final call money received except
on 900 shares)
Share Capital A/c ...Dr. 9,000
Securities Premium Reserve A/c ...Dr. 1,800
To Forfeited Shares A/c 3,600
To Shares Allotment A/c 4,500
To Shares First and Final Call A/c 2,700
Or
Share Capital A/c ...Dr. 9,000
Securities Premium Reserve A/c ...Dr. 1,800
To Forfeited Shares A/c 3,600
To Calls-in-Arrears A/c 7,200
(Being 900 shares forfeited for non-payment of allotment
and call money)

Bank A/c ...Dr. 6,300
Forfeited Shares A/c ...Dr. 2,700
To Share Capital A/c 9,000
(Being 900 shares reissued for ` 7 per share as fully paid-up)
Forfeited Shares A/c (` 3,600 – ` 2,700) ...Dr. 900
To Capital Reserve A/c 900
(Being the transfer of gain (profit) on reissue)

Working Notes:
30,000
1. Number of Shares allotted to Ram = × 1,200 = 900 Shares.
40,000
2. Calculation of the Amount Due but not Paid on Allotment by Ram: `
(a) Application money received on shares applied (1,200 × ` 3) 3,600
(b) Application money due on shares allotted (900 × ` 3) 2,700
(c) Excess Application money to be adjusted on Allotment [(a) – (b)] 900
(d) Allotment money due on allotted shares (900 × ` 6) 5,400
(e) Allotment money due but not received [(d) – (c)] (` 5,400 – ` 900) 4,500
3. Calculation of Allotment Money Received Later on:
(a) Total allotment money due 3,00,000
(b) Less: Allotment money already received on application stage 75,000
2,25,000
(c) Less: Allotment money not received from Ram [WN (2)] 4,500
Allotment Money Received 2,20,500