Page 23 - AAAXII

M.20 An Aid to Accountancy—CBSE XII

Working Note:
Calculation of Allotment money due but not paid by Ramesh:
2,60,000
=
Shares Applied by Ramesh = ¥2,000 2,600 shares.
2,00,000
Excess Application Money received = 600 × ` 40 = ` 24,000.
`
Allotment Money due on 2,000 shares 60,000
Less: Excess application money adjusted against allotment 24,000
Amount due on allotment but not paid by Ramesh 36,000

Or

JOURNAL OF SANGAM LTD.
Date Particulars L.F. Dr. (`) Cr. (`)

Bank A/c ...Dr. 2,00,000
To Equity Shares Application A/c 2,00,000
(Being the application money received for 1,00,000 shares)

Equity Shares Application A/c ...Dr. 2,00,000
To Equity Share Capital A/c 1,60,000
To Equity Shares Allotment A/c 40,000
(Being the application money adjusted)
Equity Shares Allotment A/c ...Dr. 3,20,000
To Equity Share Capital A/c 3,20,000
(Being the allotment money due)
Bank A/c ...Dr. 2,77,200
Calls-in-Arrears A/c ...Dr. 2,800
To Equity Shares Allotment A/c 2,80,000
(Being the allotment money received except on 800 shares)

Equity Share Capital A/c ...Dr. 4,800
To Calls-in-Arrears A/c 2,800
To Forfeited Shares A/c 2,000
(Being 800 shares forfeited for non-payment of allotment)

Equity Shares First and Final Call A/c ...Dr. 3,16,800
To Equity Share Capital A/c 3,16,800
(Being the call money due on 79,200 shares)

Bank A/c ...Dr. 3,13,600
Calls-in-Arrears A/c ...Dr. 3,200
To Equity Shares First and Final Call A/c 3,16,800
(Being the call money received except on 800 shares)