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M.30 An Aid to Accountancy—CBSE XII

Dr. REALISATION ACCOUNT Cr.
Particulars ` Particulars `
To Stock 10,000 By Provision for Doubtful Debts 5,000
To Debtors 25,000 By Sundry Creditors 16,600
To Plant and Machinery 40,000 By Bills Payable 3,400
To Bank: By Mortgage Loan 15,000
Sundry Creditors 16,000 By Bank—Assets Realised:
Bills Payable 3,400 Stock 6,700
Mortgage Loan 15,000 34,400 Debtors 12,500
To Bank (Outstanding Repairs) 400 Plant and Machinery 36,000 55,200
To Bank (Expenses) 620 By Bank:
Unrecorded Assets Realised 6,220
By ? ?
1,10,420 1,10,420

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars Bora (`) Singh (`) Ibrahim (`) Particulars Bora (`) Singh (`) Ibrahim (`)

To ? ? ? ? By Balance b/d 22,000 18,000 10,000
To ? ? ? ? By General Reserve 2,500 1,500 500
24,500 19,500 10,500 24,500 19,500 10,500

Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 19,500 By Realisation A/c (Liabilities) 34,400
To Realisation A/c (Assets Realised) 55,200 By Realisation A/c (Unrecorded Liabilities) 400
To ? ? By ? ?
By ? ?
80,920 80,920

(6)
16. Ajanta Company Limited having a nominal capital of ` 30,00,000, divided into shares
of ` 100 each. It offered for public subscription 20,000 shares payable as ` 20 on
application; ` 30 on allotment and the balance in two calls of ` 25 each. Applications
were received by the company for 24,000 shares. Applications for 20,000 shares were
accepted in full and the shares allotted. Applications for the remaining shares were
rejected and the application money was refunded.
Amounts due were received with the exception of the final call on 600 shares which
were forfeited after legal formalities were fulfilled. 400 shares of the forfeited shares
were reissued at ` 90 per share.
Record necessary Journal entries and prepare the balance sheet showing the amount
transferred to Capital Reserve and the balance in Forfeited Shares Account. Assume
that company maintains Calls-in-Arrears Account.