Page 234 - AAAXII

Model Test Papers M.223

(iii) Equity Shares Allotment A/c ...Dr. 6,16,000
To Equity Share Capital A/c 3,08,000
To Securities Premium Reserve A/c 3,08,000
(Being the allotment money due)
(iv) Bank A/c ...Dr. 5,60,000
Calls-in-Arrears A/c ...Dr. 56,000
To Equity Shares Allotment A/c 6,16,000
(Being the allotment money received)
(v) Equity Share Capital A/c ...Dr. 63,000
Securities Premium Reserve A/c ...Dr. 28,000
To Calls-in-Arrears A/c 56,000
To Forfeited Shares A/c 35,000
(Being 7,000 shares forfeited)
(vi) Equity Shares First and Final Call A/c ...Dr. 4,90,000
To Equity Share Capital A/c 70,000
To Securities Premuium Reserve A/c 4,20,000
(Being the call money made due)
(vii) Bank A/c ...Dr. 4,86,500
Calls-in-Arrears A/c ...Dr. 3,500
To Equity Shares First and Final A/c 4,90,000
(Being the call money received)
(viii) Equity Share Capital A/c ...Dr. 5,000
Securities Premium Reserve A/c ...Dr. 3,000
To Calls-in-Arrears A/c 3,500
To Forfeited Shares A/c 4,500
(Being 500 shares forfeited)
(ix) Bank A/c ...Dr. 50,000
To Equity Share Capital A/c 10,000
To Securities Premium Reserve A/c 40,000
(Being 1,000 shares reissued)
(x) Forfeited Shares A/c ...Dr. 7,000
To Capital Reserve A/c 7,000
(Being the gain (profit) on reissue transferred)

BALANCE SHEET as at...
Particulars Note No. `
I. EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital 1 7,37,500

Note to Accounts
Particulars `
1. Share Capital
Authorised Capital
... Equity Shares of ` 10 each ...
Issued Capital
80,000 Equity Shares of ` 10 each 8,00,000
Subscribed Capital
Subscribed and Fully Paid-up
70,500 Equity Shares of ` 10 each 7,05,000
Add: Forfeited Shares A/c 32,500 7,37,500