Page 49 - AAAXII

Model Test Papers M.45

(b) JOURNAL OF Y LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Share Capital A/c (90 × ` 8) ...Dr. 720
Securities Premium Reserve A/c (90 × ` 2) ...Dr. 180
To Forfeited Shares A/c (90 × ` 5) 450
To Shares Allotment A/c (90 × ` 5) 450
(Being 90 shares forfeited for non-payment of allotment money)
Bank A/c (80 × ` 10) ...Dr. 800
To Share Capital A/c (80 × ` 8) 640
To Securities Premium Reserve A/c (80 × ` 2) 160
(Being 80 shares re-issued as ` 8 called-up for ` 10 per share)
Forfeited Shares A/c (80 × ` 5) ...Dr. 400
To Capital Reserve A/c 400
(Being the transfer of gain on reissue of 80 Shares to Capital Reserve)

(c) JOURNAL OF Z LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Share Capital A/c (50 × ` 80) ...Dr. 4,000
To Shares First Call A/c (50 × ` 30) 1,500
To Forfeited Shares A/c (50 × ` 50) 2,500
(Being 50 shares forfeited for non-payment of first call money)
Bank A/c (20 × ` 30) ...Dr. 600
Forfeited Shares A/c ...Dr. 1,000
To Share Capital A/c (20 × ` 80) 1,600
(Being 20 shares reissued as ` 80 paid-up for ` 30 per share)
Note:
There is no gain on re-issue of forfeited shares.
17.
Dr. REVALUATION ACCOUNT Cr.
Particulars ` Particulars `
To Investments A/c 5,000 By Accrued Income A/c 500
To Gain (Profit) transferred to: By Bad Debts Recovered A/c 800
Madan’s Capital A/c 780 By Patents A/c 5,000
Mohan’s Capital A/c 520 1,300
6,300 6,300

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars Madan (`) Mohan (`) Gopal (`) Particulars Madan (`) Mohan (`) Gopal (`)

To Balance c/d 93,780 62,520 52,100 By Balance b/d 60,000 40,000 ...
By General Reserve A/c 12,000 8,000 ...
By Revaluation A/c 780 520 ...
By Workmen’s Compen-
sation Reserve A/c 6,000 4,000 ...
By Prem. for Goodwill A/c 15,000 10,000 ...
By Bank A/c (WN 1) ... ... 52,100
93,780 62,520 52,100 93,780 62,520 52,100