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M.166 An Aid to Accountancy—CBSE XII

Or

JOURNAL OF GRAND AUTO LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 37,50,000
To Equity Shares Application A/c 37,50,000
(Being the application money received on 7,50,000 shares)
Equity Shares Application A/c ...Dr. 37,50,000
To Equity Share Capital A/c (5,00,000 × ` 3) 15,00,000
To Securities Premium Reserve A/c (5,00,000 × ` 2) 10,00,000
To Bank A/c (1,50,000 × ` 5) 7,50,000
To Equity Shares Allotment A/c (1,00,000 × ` 5) 5,00,000
(Being the application money adjusted)
Equity Shares Allotment A/c ...Dr. 20,00,000
To Equity Share Capital A/c 20,00,000
(Being the allotment money due)
Bank A/c ...Dr. 14,70,000
Calls-in-Arrears A/c ...Dr. 30,000
To Equity Shares Allotment A/c 15,00,000
(Being the allotment money received except on 10,000 shares) (WN 1)
Equity Shares First and Final Call A/c ...Dr. 20,00,000
To Equity Share Capital A/c 20,00,000
(Being the first and final call money due)
Bank A/c ...Dr. 14,70,000
Calls-in-Arrears A/c ...Dr. 30,000
To Equity Shares First and Final Call A/c 15,00,000
(Being the call money received except on 10,000 shares)

Equity Share Capital A/c ...Dr. 1,00,000
To Calls-in-Arrears A/c (` 30,000 + ` 30,000) 60,000
To Forfeited Shares A/c 40,000
(Being 10,000 shares forfeited due to non-payment of allotment
and call money)
Bank A/c (5,000 × ` 8) ...Dr. 40,000
Forfeited Shares A/c (5,000 × ` 2) ...Dr. 10,000
To Equity Share Capital A/c 50,000
(Being 5,000 forfeited shares reissued for ` 8 per share fully paid-up)
Forfeited Shares A/c ...Dr. 10,000
To Capital Reserve A/c 10,000
(Being the gain (profit) on reissue transferred to Capital Reserve Account) (WN 2)