Page 315 - AAAXII

Model Test Papers M.301

Working Notes:
60,000
1. Shares applied by Puneet = × 500 = 600 shares.
50,000
2. Amount due on Allotment but not Received from Puneet: `
Amount due on allotment (500 × ` 5) 2,500
Less: Excess application money [(600 – 500) shares × ` 3] 300
Amount due on allotment but not received from Puneet 2,200
3. Calculation of Amount received on Allotment: ` `
Amount due on allotment (50,000 × ` 5) 2,50,000
Less: Amount received on application stage 30,000
Amount due on allotment but not received from Puneet 2,200 32,200
2,17,800
4. Amount transferred to Capital Reserve: `
Amount forfeited on 800 shares of Rahul (800 × ` 6) 4,800
Add: Amount forfeited on 200 shares of Puneet (200 × ` 1,800/500) 720
5,520
Less: Loss on reissue (1,000 × ` 1) 1,000
Gain on Reissue 4,520
Or
In the Books of Moon Ltd.
JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 57,00,000
To Equity Shares Application A/c 57,00,000
(Being the shares application money received for 1,90,000 shares)
Equity Shares Application A/c ...Dr. 57,00,000
To Equity Share Capital A/c 38,00,000
To Securities Premium Reserve A/c 19,00,000
(Being the application money adjusted)
Equity Shares Allotment A/c ...Dr. 1,33,00,000
To Equity Share Capital A/c 38,00,000
To Securities Premium Reserve A/c 95,00,000
(Being the allotment money due on 1,90,000 shares @ ` 70 each
including premium of ` 50 per share)
Bank A/c ...Dr. 1,32,30,000
Calls-in-Arrears A/c (1,000 × ` 70) ...Dr. 70,000
To Equity Shares Allotment A/c 1,33,00,000
(Being the allotment money received except on 1,000 shares)
Equity Share Capital A/c (1,000 × ` 40) ...Dr. 40,000
Securities Premium Reserve A/c (1,000 × ` 50) ...Dr. 50,000
To Forfeited Shares A/c 20,000
To Calls-in-Arrears A/c 70,000
(Being 1,000 shares forfeited for non-payment of allotment money)
Equity Shares First and Final Call A/c ...Dr. 1,13,40,000
To Equity Share Capital A/c 1,13,40,000
(Being the first and final call due on 1,89,000 shares @ ` 60 each)