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Model Test Papers M.43

16. JOURNAL

Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 4,80,000
To Shares Application A/c 4,80,000
(Being the application money received on 24,000 shares @ ` 20 each)

Shares Application A/c ...Dr. 4,80,000
To Share Capital A/c 4,00,000
To Bank A/c 80,000
(Being the application money adjusted)
Shares Allotment A/c ...Dr. 6,00,000
To Share Capital A/c 6,00,000
(Being the allotment money due on 20,000 shares @ ` 30 each)

Bank A/c ...Dr. 6,00,000
To Shares Allotment A/c 6,00,000
(Being the allotment money received)
Shares First Call A/c (20,000 × ` 25) ...Dr. 5,00,000
To Share Capital A/c 5,00,000
(Being the first call money due on 20,000 shares @ ` 25 each)

Bank A/c ...Dr. 5,00,000
To Shares First Call A/c 5,00,000
(Being the first call money received on 20,000 shares @ ` 25 each)
Shares Second and Final Call A/c ...Dr. 5,00,000
To Share Capital A/c 5,00,000
(Being the second and final call due on 20,000 shares @ ` 25 each)
Bank A/c ...Dr. 4,85,000
Calls-in-Arrears A/c (600 × ` 25) ...Dr. 15,000
To Shares Second and Final Call A/c 5,00,000
(Being the second and final call money received except on
600 shares)

Share Capital A/c (600 × ` 100) ...Dr. 60,000
To Forfeited Shares A/c 45,000
To Calls-in-Arrears A/c 15,000
(Being 600 shares forfeited for non-payment of second and final call)
Bank A/c (400 × ` 90) ...Dr. 36,000
Forfeited Shares A/c (400 × ` 10) ...Dr. 4,000
To Share Capital A/c (400 × ` 100) 40,000
(Being 400 forfeited shares reissued @ ` 90 per share as fully paid-up)
Forfeited Shares A/c ...Dr. 26,000
To Capital Reserve A/c 26,000
(Being the profit on 400 reissued shares transferred to Capital Reserve)