Page 475 - AAAXII

Model Test Papers M.455

17. JOURNAL ENTRIES OF H.P. LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 41,25,000
To Shares Application A/c 41,25,000
(Being the application money received for 82,500 shares)
Shares Application A/c ...Dr. 41,25,000
To Share Capital A/c (50,000 × ` 50) 25,00,000
To Bank A/c (20,000 × ` 50) 10,00,000
To Shares Allotment A/c (12,500 × ` 50) 6,25,000
(Being the application money adjusted)
Shares Allotment A/c (50,000 × ` 35) ...Dr. 17,50,000
To Share Capital A/c (50,000 × ` 25) 12,50,000
To Securities Premium Reserve A/c (50,000 × ` 10) 5,00,000
(Being the allotment money due)
Bank A/c ...Dr. 11,02,500
To Shares Allotment A/c 11,02,500
(Being the balance allotment money received except on
1,000 shares (WN 1 and 2))
Shares First and Final Call A/c (50,000 × ` 25) ...Dr. 12,50,000
To Share Capital A/c 12,50,000
(Being the first and final call money due)
Bank A/c ...Dr. 12,25,000
To Shares First and Final Call A/c 12,25,000
(Being the first and final call money received except on 1,000 shares)
Share Capital A/c (1,000 × ` 100) ...Dr. 1,00,000
Securities Premium Reserve A/c ...Dr. 10,000
To Forfeited Shares A/c 62,500
To Shares Allotment A/c 22,500
To Shares First and Final Call A/c 25,000
(Being 1,000 shares forfeited for non-payment of allotment and
call money)
Bank A/c (500 × ` 105) ...Dr. 52,500
To Share Capital A/c (500 × ` 100) 50,000
To Securities Premium Reserve A/c 2,500
(Being 500 shares reissued at ` 105 per share fully paid-up)
Forfeited Shares A/c ...Dr. 31,250
To Capital Reserve A/c 31,250
(Being the gain on reissue of 500 shares transferred to Capital Reserve)

BALANCE SHEET OF H.P. LTD. as at ...
Particulars Note No. `
I. EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital 1 49,81,250