Page 287 - AAAXII

M.274 An Aid to Accountancy—CBSE XII

Working Notes:
1. Calculation of Amount not paid by Asha on Allotment:
Allotted Shares to Asha = 1,000
1,50,000
Applied Shares by Asha = × 1,000 = 1,500
1,00,000
Excess Application Money = 500 × ` 2 = ` 1,000.
`
Allotment Money due on 1,000 shares 4,000
Less: Excess Application Money 1,000
Amount due on Allotment not paid by Asha 3,000
2. Calculation of Allotment money Not paid by Mohan:
Applied Shares by Mohan = 3,000
1,00,000
Allotted Shares to Mohan = × 3,000 = 2,000
1,50,000
∴ He paid excess application money on 1,000 shares = 1,000 × 2 = ` 2,000.
`
Allotment Money due on 2,000 shares 8,000
Less: Excess Application Money 2,000
Amount due on Allotment but not paid by Mohan 6,000
3. Calculation of Amount received on Allotment: `
Amount Due on Allotment (1,00,000 × ` 4) 4,00,000
Less: Excess Application Money to be adjusted 1,00,000
3,00,000
Less: Amount due on Allotment but not paid by:
Asha (WN 1) 3,000
Mohan (WN 2) 6,000 9,000
2,91,000

Or
JOURNAL OF RS LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 9,00,000
To Equity Shares Application A/c 9,00,000
(Being the application money received for 3,00,000 shares)
Equity Shares Application A/c ...Dr. 9,00,000
To Equity Share Capital A/c 6,00,000
To Equity Shares Allotment A/c 3,00,000
(Being the application money adjusted)
Equity Shares Allotment A/c ...Dr. 10,00,000
To Equity Share Capital A/c 10,00,000
(Being the allotment money due)
Bank A/c ...Dr. 6,88,000
Calls-in-Arrears A/c ...Dr. 12,000
To Equity Shares Allotment A/c 7,00,000
(Being the allotment money received except on 3,000 shares)
Equity Share Capital A/c ...Dr. 24,000
To Calls-in-Arrears A/c 12,000
To Forfeited Shares A/c 12,000
(Being 3,000 shares of Bajaj forfeited for non-payment of allotment)