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Model Test Papers M.19

17. JOURNAL OF SUN LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 1,20,00,000
To Equity Shares Application A/c 1,20,00,000
(Being the application money received for 3,00,000 shares)

Equity Shares Application A/c ...Dr. 1,20,00,000
To Equity Share Capital A/c 60,00,000
To Securities Premium Reserve A/c 20,00,000
To Bank A/c (40,000 × ` 40) 16,00,000
To Equity Shares Allotment A/c 24,00,000
(Being the adjustment of application money)
Equity Shares Allotment A/c ...Dr. 60,00,000
To Equity Share Capital A/c 60,00,000
(Being the allotment money due)
Bank A/c ...Dr. 35,64,000
Calls-in-Arrears A/c ...Dr. 36,000
To Equity Shares Allotment A/c 36,00,000
(Being the allotment money received except on 2,000 shares)
Equity Shares First and Final Call A/c ...Dr. 80,00,000
To Equity Share Capital A/c 80,00,000
(Being the first and final call money due)
Bank A/c ...Dr. 79,20,000
Calls-in-Arrears A/c ...Dr. 80,000
To Equity Shares First and Final Call A/c 80,00,000
(Being the call money received except on 2,000 shares)
Equity Share Capital A/c ...Dr. 2,00,000
To Calls-in-Arrears A/c 1,16,000
To Forfeited Shares A/c 84,000
(Being the forfeiture of 2,000 shares for non-payment of
allotment and call)

Bank A/c ...Dr. 1,80,000
Forfeited Shares A/c ...Dr. 20,000
To Equity Share Capital A/c 2,00,000
(Being the reissue of forfeited shares at ` 90 per share
as fully paid)

Forfeited Shares A/c ...Dr. 64,000
To Capital Reserve A/c 64,000
(Being the profit on reissue transferred to Capital Reserve)