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Model Test Papers M.325

Or
(a) JOURNAL OF PETROMAX LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 2,76,000
To Shares Application A/c 2,76,000
(Being the application money received for 92,000 shares)
Shares Application A/c ...Dr. 2,76,000
To Share Capital A/c 1,50,000
To Shares Allotment A/c 90,000
To Bank A/c 36,000
(Being the application money adjusted)
Shares Allotment A/c ...Dr. 2,50,000
To Share Capital A/c 1,50,000
To Securities Premium Reserve A/c 1,00,000
(Being the allotment money due)
Bank A/c ...Dr. 1,57,200
Calls-in-Arrears A/c ...Dr. 6,000
To Shares Allotment A/c 1,60,000
To Calls-in-Advance A/c (800 × ` 4) 3,200
(Being the allotment money received except on 1,500 shares along with advance)
Shares First Call A/c ...Dr. 1,00,000
To Share Capital A/c 1,00,000
(Being the first call due)
Bank A/c ...Dr. 95,400
Calls-in-Arrears A/c (1,500 × ` 2) ...Dr. 3,000
Calls-in-Advance A/c (800 × ` 2) ...Dr. 1,600
To Shares First Call A/c 1,00,000
(Being the first call received except on 1,500 shares and advance adjusted)
Shares Second and Final Call A/c ...Dr. 1,00,000
To Share Capital A/c 1,00,000
(Being the shares second and final call due)
Bank A/c ...Dr. 95,400
Calls-in-Arrears A/c ...Dr. 3,000
Calls-in-Advance A/c ...Dr. 1,600
To Shares Second and Final Call A/c 1,00,000
(Being the call money received except on 1,500 shares and advance adjusted)
Working Notes:
1. Calculation of Allotment money due but not paid by Suresh:
Shares Allotted to Suresh = 1,500
Excess Application Money = 500 × ` 3 = ` 1,500
`
Allotment Money Due on 1,500 Shares 7,500
Less: Excess application Money Adusted 1,500
Amount due on allotment but not Paid by Suresh 6,000
2. Calculation of Amount Received on Allotment:
Total Allotment Money Due 2,50,000
Less: Already Adjusted 90,000
1,60,000
Less: Not Paid by Suresh 6,000
1,54,000
Add: Calls Paid in Advance by Chander 3,200
Amount Received 1,57,200