question number 57

Dear Student,

Date	Particulars	l.f	Debit	Credit
	Bank A/c Dr. (55,000 x 3)		1,65,000
	To Equity share application A/c			1,65,000
	(Being application money received.)
	Equity share application a/c  Dr.		1,65,000
	To Equity share capital A/c (50,000 x 3)			1,50,000
	To Equity share allotment a/c			15,000
	(Being money adjusted.)
	Equity share allotment A/c Dr. (50,000 x 4)		2,00,000
	To Equity share capital a/c			2,00,000
	(Being allotment money due.)
	Bank a/c Dr. (200,000- 15,000- (1,500x 4))		1,79,000
	To equity share allotment a/c			1,79,000
	(Being money received.)
	Equity share first call a/c  Dr. (50,000 x 2)		1,00,000
	To Equity share capital A/c			1,00,000
	(Being first call money due)
	Bank a/c  Dr. (100,000- (1,500 x 2))		97,000
	To Equity share first call a/c			97,000
	(Being money received.)
	Equity share second and final call Dr. (50,000 x 1)		50,000
	To Equity share capital A/c			50,000
	(Being call money due.)
	Bank A/c  dr. (50,000- (1500 x 1))		48,500
	Equity share second and final call a/c			48,500
	(Being money received.)
	Equity share capital a/c dr. (1500 x 10)		15,000
	To Equity share allotment a/c			6,000
	To Equity share first call a/c			3,000
	To Equity share second and final call a/c			1,500
	To Share Forfeited A/c (1500 x 3)			4,500
	(Being shares forfeited.)
	Bank A/c Dr. (1,000 x 8)		8,000
	Share Forfeited A/c Dr.		1,000
	Discount on issue of share Dr.		1,000
	To Equity share capital a/c (1,000 x 10)			10,000
	(Being 1,000 shares reissued.)
	Share Forfeited A/c  Dr.		2,000
	To Capital Reserve A/c			2,000
	(Being amount transferred to capital reserve.)

Note :
Maximum discount permitted by companies act is 10% of the face value of share.
Transfer to Capital Reserve = 2,000 (3000-1000)
i.e., Amount forfeited for 1000 share = 4500/ 1500 x 1,000 = 3,000 l​ess amount used in reissue 1,000.

Regards