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Arushi Comput...

Question

Arushi Computes Ltd issued 10,000 equity shares of Rs.100 each at 10% discount. The net amount payable as follows.
$\begin{matrix} (Rs.) On Application & = & 20 On Allotment & = & 30 (Rs.40 - discount Rs.10) On First Call & = & 30 On Final Call & = & 10 \end{matrix}$
A shareholder holding 200 shares did not pay final call. His shares were Forfeited. Out of these 150 shares were reissued to Ms. Sonia at Rs.75 per share. Give journal entries in the books of the company.A shareholder holding 200 shares did not pay final call. His shares were Forfeited. Out of these 150 shares were reissued to Ms. Sonia at Rs.75 per share. Give journal entries in the books of the company.

Arushi Computers Ltd. issued 10,000 equity shares of ₹. 100 each at 10% premium. The net amount payable as follows:
A shareholder holding 200 shares did not pay the final call. His shares were forfeited. Out of these 150 shares were reissued to Ms. Sonia at ₹. 75 per share.
Give journal entries in the books of the company.

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Solution

Working Notes:
Amount Transferred to Capital Reserve A/c
Amount transferred to Capital Reserve Account = Balance per share after adjustment × Number of shares reissued
₹ 9,750 = ₹ 65 × ₹ 150 per share

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Arushi Computers Ltd issued 10,000 equity shares of Rs 100 each at 10% discount. The net amount payable as follows:

On application	Rs 20
On allotment	Rs 30 (Rs 40 – discount Rs 10 )
On first call	Rs 30
On final call	Rs 10

A shareholder holding 200 shares did not pay final call. His shares were forfeited. Out of these 150 shares were reissued to Ms. Sonia at Rs 75 per shares.

Give Journal entries in the books of the company.

X LTd. issued 8,000 shares of Rs 100 each at a premium of Rs 40 per share. Amount was payable as follows:

$\begin{matrix} Rs. On application & 20 (including premium Rs 10 per share) On allotment & 50 (including premium Rs 30 per share) On first call & 30 On second and final call & 40 \end{matrix}$

Applications were received for 7,500 shares and all were aceepted. All money was received except:

(i) Ashwin, holding 100 shares, failed to pay allotment money and his shares were forfeited after allotment.

(ii) Monika, holding 200 shares, failed to pay first call money and her shares were forfeited after first call.

(iii) Ruchi, holding 300 shares, failed to pay second call money and her shares were forfeited.

All the forfeited shares were reissued at a discount of 5% as fully paid-up.

Pass the necessary journal entries in the books of X Ltd.

Hero Honda Limited made an issue of 1,00,000 Equity Shares of Rs 10 each, payable as follows:

On Application Rs 2.50 per share

On Allotment Rs 2.50 per share

On Call Balance Amount

Members holding 400 shares did not pay the call money and the shares were duly forfeited. 200 of the forfeited shares were reissued as fully paid at Rs 5 per share.

Draft necessary journal entries and prepare share capital and forfeited shares accounts in the books.

Q. Satrun Ltd. was registered with an authorized capital of

R s . 12, 00, 000

, divided into

1, 20, 000

equity shares of

R s .10

each. It issued

40, 000

equity shares to the public at premium of

R s .5

per share, payable as follows:
On application

R s . 6

On allotment

R s . 9

(including premium of

R s . 5

)
All the shares were applied for and allotted. One shareholder holding

500

shared did not pay the allotment money and his shares were forfeited. Out of the forfeited shares, the company reissued

400

shares at

R s .7

per share fully called up.
You are required to :
(a) Pass journal entries on the book of the company.
(b) Prepare
(i) Securities Premium Reserve Account.
(ii) Share Capital Account

Dogra Ltd. had an authorised capital of 1,00,00,000 divided into equity shares of Rs 100 each. The company offered 84,000 shares to the public at premium. The amount was payable as follows:

On Application Rs 30 per shares.

On Allotment Rs 40 per share (including premium).

On First and Final Call Rs 50 per share.

Applications were received for 80,000 shares. All sums were duly received except the following : Lakhan, a holder of 200 shares did not pay allotment and call money. Paras, a holder of 400 shares did not pay call money.

The company forfeited the shares of Lakhan and Paras. Subsequently, the forfeited shares were re-issued for Rs 80 per share fully paid up. Show the entries for the transaction in the Cash Book and Journal of the company.

Kaya Fab. Ltd. issued 1,00,000 equity shares of Rs 10 each payable as Rs 2 on application, Rs 4 on allotment and Rs 2 each on first and final call. Applications were received for 1,50,000 shares. Applicants of 50,000 shares were sent letters of regret and application money was refunded.

Madhur, a holder of 3,000 shares failed to pay allotment money which he paid along with the first call. Rohan, a shareholder holds 700 shares paid both the calls along with allotment. Sohan, a holder of 1,000 shares did not pay the first call and the final call. His shares were forfeited. The forfeited shares were re-issued at Rs 11 per shares as fully paid up.

Pass necessary Journal entries for the above transactions in the Books of the Company.

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Working Notes: Amount Transferred to Capital Reserve A/c Amount transferred to Capital Reserve Account = Balance per share after adjustment × Number of shares reissued ₹ 9,750 = ₹ 65 × ₹ 150 per share

Working Notes:
Amount Transferred to Capital Reserve A/c
Amount transferred to Capital Reserve Account = Balance per share after adjustment × Number of shares reissued
₹ 9,750 = ₹ 65 × ₹ 150 per share