Page 286 - AAAXII

Model Test Papers M.273

Bank A/c ...Dr. 2,91,000
Calls-in-Arrears A/c ...Dr. 9,000
To Equity Shares Allotment A/c 3,00,000
(Being the allotment money received except on 3,000 shares)
Equity Share Capital A/c ...Dr. 4,000
Securities Premium Reserve A/c ...Dr. 2,000
To Calls-in-Arrears A/c 3,000
To Forfeited Shares A/c 3,000
(Being 1,000 shares of Asha forfeited for non-payment of allotment money)
Equity Shares First Call A/c ...Dr. 4,95,000
To Equity Share Capital A/c 4,95,000
(Being the first call money due on 99,000 shares)
Bank A/c ...Dr. 4,65,000
Calls-in-Arrears A/c (6,000 × ` 5) ...Dr. 30,000
To Equity Shares First Call A/c 4,95,000
(Being the first call money received except on 6,000 shares)
Equity Share Capital A/c ...Dr. 18,000
Securities Premium Reserve A/c ...Dr. 4,000
To Calls-in-Arrears A/c 16,000
To Forfeited Shares A/c 6,000
(Being 2,000 shares of Mohan forfeited for non-payment of
allotment and first call)
Equity Shares Second and Final Call A/c ...Dr. 97,000
To Equity Share Capital A/c 97,000
(Being the second and final call due on 97,000 shares)
Bank A/c ...Dr. 93,000
Calls-in-Arrears A/c ...Dr. 4,000
To Equity Shares Second and Final Call A/c 97,000
(Being the second and final call received except on 4,000 shares)
Equity Share Capital A/c ...Dr. 40,000
To Calls-in-Arrears A/c 24,000
To Forfeited Shares A/c 16,000
(Being 4,000 shares of Sohan forfeited for non-payment of both the calls)
Bank A/c ...Dr. 56,000
Forfeited Shares A/c ...Dr. 14,000
To Equity Share Capital A/c 70,000
(Being the reissue of forfeited shares at ` 8 per share)
Forfeited Shares A/c ...Dr. 11,000
To Capital Reserve A/c 11,000
(Being the gain on reissue transferred to Capital Reserve)

Dr. FORFEITED SHARES ACCOUNT Cr.
Particulars ` Particulars `
To Equity Share Capital A/c 14,000 By Equity Share Capital A/c 3,000
To Capital Reserve A/c 11,000 By Equity Share Capital A/c 6,000
By Equity Share Capital A/c 16,000
25,000 25,000