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M.482 An Aid to Accountancy—CBSE XII

Working Notes:
1. Old Ratio = 2 : 1 : 1
2. New Ratio = 2 : 1
3. Calculation of Adjusted Capitals of Lalit and Mohan: `
Capital of Lalit before adjustment 9,15,000
Capital of Mohan before adjustment 6,37,500
Total Capital of the New Firm 15,52,500

Lalit’s Adjusted Capital = ` 15,52,500 × 2/3 = ` 10,35,000
Mohan’s Adjusted Capital = ` 15,52,500 × 1/3 = ` 5,17,500.

17. JOURNAL OF RUCHI LTD.
Date Particulars L.F. Dr. (`) Cr. (`)

Bank A/c ...Dr. 6,00,000
To Equity Shares Application A/c 6,00,000
(Being the application money received for 2,40,000 equity shares @ ` 2.50 each)
Equity Shares Application A/c ...Dr. 6,00,000
To Equity Share Capital A/c (1,00,000 × ` 2.50) 2,50,000
To Bank A/c (40,000 × ` 2.50) 1,00,000
To Equity Shares Allotment A/c (` 6,00,000 – ` 2,50,000 – ` 1,00,000) 2,50,000
(Being the application money adjusted and surplus refunded)
Equity Shares Allotment A/c ...Dr. 4,50,000
To Equity Share Capital A/c 2,50,000
To Securities Premium Reserve A/c 2,00,000
(Being the allotment money due on 1,00,000 shares)
Bank A/c ...Dr. 1,99,200
To Equity Shares Allotment A/c 1,99,200
(Being the allotment money received except for 400 shares) (WN 1 and 2)
Equity Shares First and Final Call A/c ...Dr. 5,00,000
To Equity Share Capital A/c 5,00,000
(Being the call money due on 1,00,000 shares)
Bank A/c ...Dr. 4,98,000
To Equity Shares First and Final Call A/c 4,98,000
(Being the call money received except on 400 shares)
Equity Share Capital A/c (400 × ` 10) ...Dr. 4,000
Securities Premium Reserve A/c (400 × ` 2) ...Dr. 800
To Equity Shares Allotment A/c 800
To Equity Shares First and Final Call A/c 2,000
To Forfeited Shares A/c 2,000
(Being 400 shares forfeited for non-payment of allotment and call money)
Bank A/c (320 × ` 8) ...Dr. 2,560
Forfeited Shares A/c (320 × ` 2) ...Dr. 640
To Equity Share Capital A/c 3,200
(Being 320 forfeited shares reissued at ` 8 per share as fully paid-up)
Forfeited Shares A/c ...Dr. 960
To Capital Reserve A/c (WN 3) 960
(Being the gain on reissue transferred to Capital Reserve)