Page 504 - AAAXII

Model Test Papers M.483

Working Notes:
1. Calculation of allotment money not paid by Renu:

1,00,000
(i) Number of Shares allotted to Renu = × 800 = 400 Shares.
2,00,000 `
(ii) Application money paid by Renu (800 × ` 2.50) 2,000
(iii) Amount due on allotment (400 × ` 4.50) 1,800
Less: Excess application money to be adjusted on allotment (400 × ` 2.50) 1,000
Allotment money due but not paid by Renu 800

2. Calculation of total amount received on allotment: `
Total allotment money due 4,50,000
Less: Excess application money adjusted on allotment 2,50,000
2,00,000
Less: Allotment money due but not paid by Renu (WN 1) 800
1,99,200
3. Calculation of gain on reissue of shares:

Total amount forfeited
(i) Amount forfeited on reissued shares = × No. of shares reissued
No. of shares forfeited
` 2,000
= × 320 = ` 1,600
400
(ii) Less: Discount allowed on reissue = 320 × ` 2 = ` 640
(iii) Gain on reissue to be transferred to Capital Reserve ((i) – (ii)) = ` 960
Or
JOURNAL OF SHAKTI LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Shares Application A/c ...Dr. 3,00,000
To Share Capital A/c (50,000 × ` 3) 1,50,000
To Securities Premium Reserve A/c (50,000 × ` 2) 1,00,000
To Shares Allotment A/c (10,000 × ` 5) 50,000
(Being the application money adjusted)
Shares Allotment A/c ...Dr. 2,00,000
To Share Capital A/c 2,00,000
(Being the share allotment made due on 50,000 shares)
Calls-in-Arrears A/c ...Dr. 2,100
To Shares Allotment A/c 2,100
(Being the amount not received on allotment transferred to
Calls-in-Arrears Account)
Shares First and Final Call A/c ...Dr. 1,50,000
To Share Capital A/c 1,50,000
(Being the first and final call made due on 50,000 shares)