Journalise the following transaction in the books Bhushan Oil Ltd:
(a) 200 shares of Rs 100 each issued at a discount of Rs 10 were forfeited for the non payment of allotment money of Rs 50 per share. The first and final call of Rs 20 per share on these share were not made. The forfeited share were reissued at Rs 70 per share as fully paid-up.
(b) 150 shares of Rs 10 each issued at a premium of Rs 4 per share payable with allotment were forfeited for non-payment of allotment money of Rs 8 per share including premium. The first and final call of Rs 4 per share were not made. The forfeited share were reissued at Rs 15 per share fully paid-up.
(c) 400 share of Rs 50 each issued at par were forfeited for non-payment of final call of Rs 10 per share. These share were reissued at Rs 45 per share fully paid-up.
Journalise the following transaction in the books Bhushan Oil Ltd:
(a) 200 shares of Rs 100 each issued at a discount of Rs 10 were forfeited for the non payment of allotment money of Rs 50 per share. The first and final call of Rs 20 per share on these share were not made. The forfeited share were reissued at Rs 70 per share as fully paid-up.
(b) 150 shares of Rs 10 each issued at a premium of Rs 4 per share payable with allotment were forfeited for non-payment of allotment money of Rs 8 per share including premium. The first and final call of Rs 4 per share were not made. The forfeited share were reissued at Rs 15 per share fully paid-up.
(c) 400 share of Rs 50 each issued at par were forfeited for non-payment of final call of Rs 10 per share. These share were reissued at Rs 45 per share fully paid-up.
Case (a)
Books of Bhushan Oil Ltd.
Date
Particulars
L.F.
Debit
Amount
Rs
Credit
Amount
Rs
Share Capital A/c
Dr.
16,000
To Share Allotment A/c
10,000
To Share Forfeiture A/c
4,000
To Discount on Issue of Shares
2,000
(200 shares forfeited @ Rs 100 each issued at a discount of
Rs 10 for the nonpayment of allotment money Rs 50 per share)
Bank A/c
Dr.
14,000
Discount on Issue of Shares
Dr.
2,000
Share Forfeiture A/c
Dr.
4,000
To Share Capital A/c
20,000
(200 shares reissued @ Rs 70 per share fully paid-up)
Case (b)
Date
Particulars
L.F.
Debit
Amount
Rs
Credit
Amount
Rs
Share Capital A/c
Dr.
900
Securities Premium A/c
Dr.
600
To Share Allotment A/c
1,200
To Share Forfeiture A/c
300
(150 shares @ Rs 10 each forfeited for nonpayment of allotment
money Rs 8 per share including premium Rs 4)
Bank A/c
Dr.
2,250
To Share Capital A/c
1,500
To Securities Premium A/c
750
(150 shares @ Rs 10 each reissued For Rs 15 per share fully
paid-up)
Share Forfeiture A/c
Dr.
300
To Capital Reserve A/c
300
(Balance of Share Forfeiture Account transferred to Capital
Reserve Account)
Case (c)
Date
Particulars
L.F.
Debit
Amount
Rs
Credit
Amount
Rs
Share Capital A/c
Dr.
20,000
To Share Final Call A/c
4,000
To Share Forfeiture A/c
16,000
(400 shares @ Rs 50 per share forfeited for nonpayment of Final
Call Rs 10 per share)
Bank A/c
Dr.
18,000
Share forfeiture A/c
Dr.
2,000
To Share Capital A/c
20,000
(400 shares @ Rs 50 each reissued for Rs 45 fully paid-up)
Share Forfeiture A/c
Dr.
14,000
To Capital Reserve A/c
14,000
(Balance in Share Forfeiture Account transferred to Capital
Reserve Account)
Case (a)
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Books of Bhushan Oil Ltd.
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Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
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|
Share Capital A/c |
Dr. |
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16,000 |
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To Share Allotment A/c |
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10,000 |
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To Share Forfeiture A/c |
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4,000 |
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To Discount on Issue of Shares |
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2,000 |
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(200 shares forfeited @ Rs 100 each issued at a discount of Rs 10 for the nonpayment of allotment money Rs 50 per share) |
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Bank A/c |
Dr. |
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14,000 |
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Discount on Issue of Shares |
Dr. |
|
2,000 |
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Share Forfeiture A/c |
Dr. |
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4,000 |
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To Share Capital A/c |
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20,000 |
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(200 shares reissued @ Rs 70 per share fully paid-up) |
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Case (b)
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Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|||
|
|
Share Capital A/c |
Dr. |
|
900 |
|
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Securities Premium A/c |
Dr. |
|
600 |
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|
|
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To Share Allotment A/c |
|
|
1,200 |
||
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To Share Forfeiture A/c |
|
|
300 |
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(150 shares @ Rs 10 each forfeited for nonpayment of allotment money Rs 8 per share including premium Rs 4) |
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Bank A/c |
Dr. |
|
2,250 |
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To Share Capital A/c |
|
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1,500 |
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To Securities Premium A/c |
|
|
750 |
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(150 shares @ Rs 10 each reissued For Rs 15 per share fully paid-up) |
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Share Forfeiture A/c |
Dr. |
|
300 |
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To Capital Reserve A/c |
|
|
300 |
||
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(Balance of Share Forfeiture Account transferred to Capital Reserve Account) |
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Case (c)
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Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||
|
|
Share Capital A/c |
Dr. |
|
20,000 |
|
|
|
|
|
To Share Final Call A/c |
|
|
4,000 |
|
|
|
|
To Share Forfeiture A/c |
|
|
16,000 |
|
|
|
(400 shares @ Rs 50 per share forfeited for nonpayment of Final Call Rs 10 per share) |
|
|
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Bank A/c |
Dr. |
|
18,000 |
|
|
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Share forfeiture A/c |
Dr. |
|
2,000 |
|
|
|
|
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To Share Capital A/c |
|
|
|
20,000 |
|
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(400 shares @ Rs 50 each reissued for Rs 45 fully paid-up) |
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Share Forfeiture A/c |
Dr. |
|
14,000 |
|
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To Capital Reserve A/c |
|
|
14,000 |
|
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|
(Balance in Share Forfeiture Account transferred to Capital Reserve Account) |
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