Page 207 - AAAXII

Model Test Papers M.197

2. Calculation of Allotment Money Received Later: `
Total Amount due on allotment 17,50,000
Less: Excess application money adjusted 6,25,000
11,25,000
Less: Amount due but not received on allotment [ WN 1(c)] 22,500
Amount Received on allotment 11,02,500

3. Amount transferred to Capital Reserve = 62,500` ¥ 500 = ` 31,250.
1,000
Or

In the Books of Sunrise Ltd.
JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)

Bank A/c ...Dr. 1,50,000
To Shares Application A/c 1,50,000
(Being the application money received on 50,000 shares
@ ` 3 each)
Shares Application A/c ...Dr. 1,50,000
To Share Capital A/c (30,000 × ` 3) 90,000
To Bank A/c (10,000 × ` 3) 30,000
To Shares Allotment A/c (10,000 × ` 3) 30,000
(Being the application money adjusted)
Shares Allotment A/c ...Dr. 90,000
To Share Capital A/c 90,000
(Being the allotment money due on 30,000 shares @ ` 3 each)

Bank A/c (WN 2) ...Dr. 57,600
To Shares Allotment A/c 57,600
(Being the allotment money received except on 1,200 shares)
Shares First and Final Call A/c ...Dr. 1,20,000
To Share Capital A/c 1,20,000
(Being the first and final call money due on 30,000 shares
@ ` 4 each)
Bank A/c ...Dr. 1,15,200
To Shares First and Final Call A/c 1,15,200
(Being the first and final call money received except on 1,200 shares)
Share Capital A/c (1,200 × ` 10) ...Dr. 12,000
To Forfeited Shares A/c 4,800
To Shares Allotment A/c 2,400
To Shares First and Final Call A/c 4,800
(Being 1,200 shares forfeited due to non-payment of
allotment and first and final call money)