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M.350 An Aid to Accountancy—CBSE XII

Or
In the Books of Sunshine Ltd.
JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 30,00,000
To Equity Shares Application A/c 30,00,000
(Being the application money received for 75,000 shares)
Equity Shares Application A/c ...Dr. 30,00,000
To Equity Share Capital A/c 9,00,000
To Securities Premium Reserve A/c 3,00,000
To Equity Shares Allotment A/c 12,00,000
To Bank A/c (15,000 × ` 40) 6,00,000
(Being the allotment money adjusted and refunded the application
money on 15,000 shares)
Equity Shares Allotment A/c ...Dr. 15,00,000
To Equity Share Capital A/c 12,00,000
To Securities Premium Reserve A/c 3,00,000
(Being the allotment due on 30,000 shares)
Bank A/c ...Dr. 2,90,000
To Equity Shares Allotment A/c 2,90,000
Or
Bank A/c ...Dr. 2,90,000
Calls-in-Arrears A/c ...Dr. 10,000
To Equity Shares Allotment A/c 3,00,000
(Being the allotment money received except on 1,000 shares)
Equity Shares First and Final Call A/c ...Dr. 9,00,000
To Equity Share Capital A/c 9,00,000
(Being the first and final call due on 30,000 shares)
Bank A/c ...Dr. 8,40,000
To Equity Shares First and Final Call A/c 8,40,000
Or
Bank A/c ...Dr. 8,40,000
Calls-in-Arrears A/c ...Dr. 60,000
To Equity Shares First and Final Call A/c 9,00,000
(Being the first and final call received except on 2,000 shares)
Equity Share Capital A/c ...Dr. 2,00,000
Securities Premium Reserve A/c ...Dr. 10,000
To Forfeited Shares A/c (` 70,000 + ` 70,000) 1,40,000
To Equity Shares Allotment A/c 10,000
To Equity Shares First and Final Call A/c 60,000
(Being the forfeiture of 2,000 shares for non-payment
of allotment money and call on 1,000 shares)
Bank A/c ...Dr. 3,20,000
To Equity Share Capital A/c 2,00,000
To Securities Premium Reserve A/c 1,20,000
(Being the reissue of 2,000 shares at ` 160 per share as fully paid)
Forfeited Shares A/c ...Dr. 1,40,000
To Capital Reserve A/c 1,40,000
(Being the gain on reissue transferred to Capital Reserve)