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Model Test Papers M.349

17. In the Books of Moonlight Ltd.
JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 1,20,000
To Equity Shares Application A/c 1,20,000
(Being the application money received for 60,000 shares)
Equity Shares Application A/c ...Dr. 1,20,000
To Equity Share Capital A/c 1,00,000
To Equity Shares Allotment A/c 20,000
(Being the application money adjusted)
Equity Shares Allotment A/c ...Dr. 2,50,000
To Equity Share Capital A/c 1,50,000
To Securities Premium Reserve A/c 1,00,000
(Being the allotment money due on 50,000 shares)
Bank A/c ...Dr. 2,27,700
To Equity Shares Allotment A/c 2,27,700
Or
Bank A/c ...Dr. 2,27,700
Calls-in-Arrears A/c ...Dr. 2,300
To Equity Shares Allotment A/c 2,30,000
(Being the allotment money received except on 500 shares)
Equity Shares First and Final Call A/c ...Dr. 2,50,000
To Equity Share Capital A/c 2,50,000
(Being the first and final call due on 50,000 shares)
Bank A/c ...Dr. 2,37,500
To Equity Shares First and Final Call A/c 2,37,500
Or
Bank A/c ...Dr. 2,37,500
Calls-in-Arrears A/c ...Dr. 12,500
To Equity Shares First and Final Call A/c 2,50,000
(Being the first and final call received except on 2,500 shares)
Equity Share Capital A/c ...Dr. 25,000
Securities Premium Reserve A/c ...Dr. 1,000
To Forfeited Shares A/c (` 1,200 + ` 10,000) 11,200
To Equity Shares Allotment A/c 2,300
To Equity Shares First and Final Call A/c 12,500
Or
Equity Share Capital A/c ...Dr. 25,000
Securities Premium Reserve A/c ...Dr. 1,000
To Forfeited Shares A/c 11,200
To Calls-in-Arrears A/c 14,800
(Being 2,500 shares forfeited for non-payment of allotment
money on 500 shares and call on 2,500 shares)
Bank A/c ...Dr. 14,000
Forfeited Shares A/c ...Dr. 6,000
To Equity Share Capital A/c 20,000
(Being 2,000 shares reissued @ ` 7 per share as fully paid)
Forfeited Shares A/c ...Dr. 4,000
To Capital Reserve A/c 4,000
(Being the gain on 2,000 reissued shares transferred to Capital Reserve)