Page 476 - AAAXII

M.456 An Aid to Accountancy—CBSE XII

Note to Accounts
Particulars ` `
1. Share Capital
Authorised Capital
... Equity Shares of ` 100 each ...
Issued Capital
50,000 Equity Shares of ` 100 each 50,00,000
Subscribed Capital
Subscribed and fully paid-up
49,500 Equity Shares of ` 100 each 49,50,000
Add: Forfeited Shares A/c 31,250 49,81,250

Working Notes:
1. Calculation of Amount not paid on Allotment by Sahil:
50,000
=
(a) Number of shares allotted to Sahil = ¥1,250 1,000 shares `
62,500
(b) Amount paid on application (1,250 × ` 50) 62,500
Less: Amount adjusted with application (1,000 × ` 50) 50,000
Excess application money adjusted on allotment 12,500
(c) Amount due on allotment (1,000 × ` 35) 35,000
Less: Excess application money adjusted [WN 1(b)] 12,500
Amount not paid on allotment 22,500
2. Amount received on allotment:
Total amount due on allotment 17,50,000
Less: Excess application money adjusted 6,25,000
11,25,000
Less: Amount not received on allotment [WN 1(c)] 22,500
Amount received on allotment 11,02,500
Or
In the Books of Himalayas Ltd.
JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)

Bank A/c ...Dr. 6,75,000
To Equity Shares Application A/c 6,75,000
(Being the application money received on 2,25,000 shares)
Equity Shares Application A/c ...Dr. 6,75,000
To Equity Share Capital A/c (1,00,000 × ` 3) 3,00,000
To Equity Shares Allotment A/c 1,60,000
To Equity Shares First and Final Call A/c 1,40,000
To Bank A/c (25,000 × ` 3) 75,000
(Being the application money adjusted)
Equity Shares Allotment A/c ...Dr. 2,00,000
To Equity Share Capital A/c 2,00,000
(Being the allotment money due)