Q. (a) Ravi Ltd. forfeited 800 shares of Rs . 10 each, Rs. 7.50 paid , for non-payment of Final call of Rs. 2.25 per shares . Out of these , 600 shares were re -issued for Rs. 6 per shares as fully paid up . Pass necessary journal entries.
(b) X Ltd. forfeited 800 shares of Rs. 10 each , Rs. 7.50 called up , for non-payment of First Call of Rs. 2.50 per shares . Out of these 600 shares were re - issued for Rs. 6 per shares as Rs. 7.50 paid up . Pass necessary journal entries.
(c) 400 shares of Rs. 10, on which Rs. 8 has been called and Rs. 6 has been paid ,are forfeited . Out of these ,300 are re-issued for Rs. 7 as fully paid. Give journal entries.
Dear Student
Q.13
(a)
(b)
(d)
Regards
Q.13
(a)
| Share Capital A/c (800 x 10) | 8,000 | ||
| To Calls in arrears A/c (800 x 2.5) | 2,000 | ||
| To Share Forfeiture A/c (800 x 7.5) | 6,000 | ||
| (Forfeiture of 800 shares for non payment of call money) | |||
| Bank A/c (600 x 6) | Dr. | 3,600 | |
| Share Forfeiture A/c (600 x 4) | 2,400 | ||
| To Share Capital A/c (600 x 10) | 6,000 | ||
| (Being 600 shares reissued at Rs 6 per share fully paid up) | |||
| Share Forfeiture A/c (600x 3.5) | Dr. | 2,100 | |
| To Capital Reserve | 2,100 | ||
| (Profit on reissue transferred to capital reserve) |
(b)
| Share Capital A/c (800 x 7.5) | 6,000 | ||
| To Calls in arrears A/c (800 x 2.5) | 2,000 | ||
| To Share Forfeiture A/c (800 x 5) | 4,000 | ||
| (Forfeiture of 800 shares for non payment of call money) | |||
| Bank A/c (600 x 6) | Dr. | 3,600 | |
| Share Forfeiture A/c (600 x 1.5) | 900 | ||
| To Share Capital A/c (600 x 7.5) | 4,500 | ||
| (Being 600 shares reissued at Rs 6 per share Rs7.5 paid up) | |||
| Share Forfeiture A/c (600x 3.5) | Dr. | 2,100 | |
| To Capital Reserve | 2,100 | ||
| (Profit on reissue transferred to capital reserve) |
(d)
| Share Capital A/c (400 x 8) | 3,200 | ||
| To Calls in arrears A/c (400 x 2) | 800 | ||
| To Share Forfeiture A/c (400 x 6) | 2,400 | ||
| (Forfeiture of 400 shares for non payment of call money) | |||
| Bank A/c (300 x 7) | Dr. | 2,100 | |
| Share Forfeiture A/c (300 x 3) | 900 | ||
| To Share Capital A/c (300 x 10) | 3,000 | ||
| (Being 300 shares reissued at Rs 7 per share fully paid up) | |||
| Share Forfeiture A/c (300 x 3) | Dr. | 900 | |
| To Capital Reserve | 900 | ||
| (Profit on reissue transferred to capital reserve) |
Regards