With application | ₹2, |
|
On allotment (including premium) | ₹5, | |
On first call | ₹3, | |
On second call | ₹3. |
Journal
|
||||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
Rs
|
Credit
Amount
Rs
|
||
Bank A/c |
Dr.
|
60,000
|
||||
To Share Application A/c |
60,000
|
|||||
(Application money received on 30,000 shares @ Rs 2 per share) | ||||||
Share Application A/c |
Dr.
|
60,000
|
||||
To Share Capital A/c |
40,000
|
|||||
To Share Allotment A/c |
20,000
|
|||||
(Application money received transferred to Share Capital and adjusted on allotment) | ||||||
Share Allotment A/c |
Dr.
|
1,00,000
|
||||
To Share Capital A/c |
40,000
|
|||||
To Securities Premium A/c |
60,000
|
|||||
(Allotment money due on 20,000 shares @ Rs 5 per share including premium of Rs 3 per share) | ||||||
Bank A/c (1,00,000 – 20,000 – 1,600) |
Dr.
|
78,400
|
||||
To Share Allotment A/c |
78,400
|
|||||
(Allotment money received) | ||||||
Share First Call A/c |
Dr.
|
60,000
|
||||
To Share Capital A/c |
60,000
|
|||||
(Share First Call due on 20,000 shares @ Rs 3 per share) | ||||||
Bank A/c (60,000 – 1,200 – 1,800) |
Dr.
|
57,000
|
||||
To Share First Call A/c |
57,000
|
|||||
(First call money received) | ||||||
Share Capital A/c |
Dr.
|
2,800
|
||||
Share Premium A/c |
Dr.
|
1,200
|
||||
To Share Forfeiture A/c |
1,200
|
|||||
To Share Allotment A/c |
1,600
|
|||||
To Share First Call A/c |
1,200
|
|||||
(400 shares forfeited) | ||||||
Share Second Call A/c |
Dr.
|
58,800
|
||||
To Share Capital A/c |
58,800
|
|||||
(Final Call money due on 19,600 shares @ 3 per share) | ||||||
Bank A/c (58,800 – 1,800) |
Dr.
|
57,000
|
||||
To Share Second Call A/c |
57,000
|
|||||
(Second Call money received) | ||||||
Share Capital A/c |
Dr.
|
6,000
|
||||
To Share Forfeiture A/c |
2,400
|
|||||
To Share First Call A/c |
1,800
|
|||||
To Share Second Call A/c |
1,800
|
|||||
(600 shares forfeited) | ||||||
Bank A/c |
Dr.
|
7,200
|
||||
Share Forfeiture A/c |
Dr.
|
800
|
||||
To Share Capital A/c |
8,000
|
|||||
(800 shares reissued @ Rs 9 each) | ||||||
Share Forfeiture A/c |
Dr.
|
2,000
|
||||
To Capital Reserve |
2,000
|
|||||
|
(Profit on re–issue transferred to Capital Reserve) |
|
|
|
||
Balance Sheet
|
||
Particulars
|
Note No.
|
Amount
(₹)
|
I. Equity and Liabilities | ||
1. Shareholders’ Fund
|
||
a. Share Capital
|
1
|
1,98,800
|
b. Reserves and Surplus
|
2
|
60,800
|
2. Non-Current Liabilities
|
||
3. Current Liabilities
|
||
Total
|
2,59,600
|
|
II. Assets | ||
1. Non-Current Assets
|
||
2. Current Assets
|
||
a. Cash and Cash Equivalents
|
3
|
2,59,600
|
Total
|
2,59,600
|
|
Note No.
|
Particulars
|
Amount
|
||
1
|
Share Capital | |||
Authorised Share Capital | ||||
…….. shares of Rs 10 each |
–
|
|||
Issued Share Capital | ||||
20,000 shares of Rs 10 each |
2,00,000
|
|||
Subscribed, Called–up and Paid–up Share Capital | ||||
19,800 shares of Rs 10 each |
1,98,000
|
|||
Add: Share Forfeiture (200 × 4) |
800
|
1,98,800
|
||
2
|
Reserves and Surplus | |||
Securities Premium |
58,800
|
|||
Capital Reserve |
2,000
|
60,800
|
||
3
|
Cash and Cash Equivalents | |||
Cash at Bank |
2,59,600
|
|||
Money received on Application | (600×2) |
1,200
|
|
Less: Adjusted on application | (400×2) |
(800)
|
|
Excess amount received |
400
|
Amount due on Allotment | (400×5) |
2,000
|
|
Less: Excess amount received |
(400)
|
||
Amount unpaid on allotment |
1,600
|
Amount forfeited on Mohit’s 400 shares(600×2) |
1,200
|
Amount forfeited on Joly’s 400 shares (400 × 4) |
1,600
|
Total Credit Balance in Share Forfeiture |
2,800
|
Less: Discount allowed on 800 shares reissued |
(800)
|
Amount to be transferred to Capital Reserve |
2,000
|