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M.402 An Aid to Accountancy—CBSE XII

4. Number of shares applied by Raju = 100 × 25,000/10,000 = 250 shares.
Excess application money (150 × ` 2) ` 300
Allotment money due (100 × ` 4) ` 400
Less: Excess application money adjusted ` 300
Allotment money due but not paid by Raju ` 100

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5. Total allotment money due (50,000 × ` 4) 2,00,000
Less: Excess application money adjusted 1,10,000
90,000
Less: Allotment money due but not paid by Deepak (WN 3) 1,000
Allotment money due but not paid by Raju (WN 4) 100 1,100
Allotment money received later on 88,900
Or
JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)

Bank A/c ...Dr. 1,90,000
To Shares Application A/c 1,90,000
(Being the application money received for 95,000 shares @ ` 2 each)
Shares Application A/c ...Dr. 1,90,000
To Share Capital A/c (60,000 × ` 2) 1,20,000
To Shares Allotment A/c (30,000 × ` 2) 60,000
To Bank A/c (5,000 × ` 2) 10,000
(Being the application money adjusted and surplus refunded)
Shares Allotment A/c (60,000 × ` 3) ...Dr. 1,80,000
To Share Capital A/c 1,80,000
(Being the allotment money due on 60,000 shares @ ` 3 each)
Bank A/c ...Dr. 1,08,000
To Shares Allotment A/c 1,08,000
Or
Bank A/c ...Dr. 1,08,000
Calls-in-Arrears A/c ...Dr. 12,000
To Shares Allotment A/c 1,20,000
(Being the allotment money received except on 4,000 shares (Note 1))
Shares First and Final Call A/c (60,000 × ` 5) ...Dr. 3,00,000
To Share Capital A/c 3,00,000
(Being the first call money due on 60,000 shares @ ` 5 each)
Bank A/c ...Dr. 2,50,000
To Shares First and Final Call A/c 2,50,000
Or
Bank A/c ...Dr. 2,50,000
Calls-in-Arrears A/c ...Dr. 50,000
To Shares First and Final Call A/c 3,00,000
(Being the first call money received on 50,000 shares)
Share Capital A/c (4,000 × ` 10) ...Dr. 40,000
To Shares Allotment A/c (4,000 × ` 3) 12,000
To Shares First and Final Call A/c (4,000 × ` 5) 20,000
To Forfeited Shares A/c (4,000 × ` 2) 8,000