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M.74 An Aid to Accountancy—CBSE XII

2. Calculation of Amount Received on First Call: `
Amount Due on First Call ` 10,00,000
Less: First Call not Paid by Kamal: (1,000 × ` 20) 20,000
Calls-in-Advance Adjusted 10,000 30,000
9,70,000
Add: Allotment money Received from Mohan, i.e., Calls-in-Arrears (1,500 × ` 40) 60,000
Amount Received on First Call 10,30,000
Or
24,000
(a) Number of Shares applied by Gaurav = ¥ 400 = 480 shares.
20,000
Calculation of the amount due but not received on allotment from Gaurav
`
Application Money received on shares applied (480 × ` 20) 9,600
Less: Application Money due on shares allotted (400 × ` 20) 8,000
Excess Application Money to be adjusted on allotment 1,600
Allotment money due on shares allotted (400 × ` 50) 20,000
Less: Excess Application Money to be adjusted on Allotment 1,600
Allotment Money due but not received from Gaurav 18,400
Calculation of Allotment Money Received later on
Total Allotment Money Due (20,000 × ` 50) 10,00,000
Less: Allotment money already received on application
stage (4,000 × ` 20) 80,000
9,20,000
Less: Allotment money due but not received from Gaurav 18,400
Allotment Money Received 9,01,600

(b) JOURNAL OF D LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Share Capital A/c (500 × ` 90) ...Dr. 45,000
Securities Premium Reserve A/c (500 × ` 10) ...Dr. 5,000
To Forfeited Shares A/c (500 × ` 50) 25,000
To Calls-in-Arrears A/c (500 × ` 50) 25,000
(Being the forfeiture of 500 shares for non-payment of allotment
money of ` 30 per share and first call money of ` 20 per share)
Bank A/c (300 × ` 80) ...Dr. 24,000
Forfeited Shares A/c (300 × ` 20) ...Dr. 6,000
To Share Capital A/c 30,000
(Being the reissue of 300 shares for ` 80 per share as fully paid-up)
Forfeited Shares A/c ...Dr. 9,000
To Capital Reserve A/c (WN 1) 9,000
(Being the gain on 300 reissued shares transferred to Capital Reserve)
Bank A/c (100 × ` 120) ...Dr. 12,000
To Share Capital A/c (100 × ` 100) 10,000
To Securities Premium Reserve A/c (100 × ` 20) 2,000
(Being the reissue of 100 shares at ` 120 per share as fully paid-up)