Solution for Q 101 to 110 of Chapter 1 of Book 2 - Accounting for Companies of T S Grewal Class 12 Accountancy 2026-27 are given below. The Chapter name is Accounting for share capital class 12 or Issue of Shares. These Solutions are based on topics oversubscription and pro rata allotment, calls in arrears and forfeiture and reissue of shares for some shareholders, calculation of calls in arrears in case of pro rata allotment, calculation of capital reserve in case where number of shares forfeited and number of shares reissued are different.
Working notes are given with each solution. These help in understanding the steps and are also important for board exams as marks are given for steps.
These solutions are also useful for CA Foundation, CS Foundation and CMA Foundation students. The solutions will be helpful for students as well as teachers teaching class 12 accounts.
Question 101
| No of shares forfeited |
|
|
|
2000 |
|
| Amount already paid per share |
|
7 |
(10-3) |
| Amount forfeited |
|
14000 |
(2000*7) |
| |
|
|
|
|
|
| No of shares reissued |
|
1500 |
|
| Amount forfeited on shares reissued |
|
10500 |
(14000/2000*1500) |
| (1500 shares) |
|
|
|
| Less - Capital Reserve |
|
7500 |
|
| Discount on reissue |
|
3000 |
(10500-7500) |
| Discount per share |
|
2 |
|
| Reissue price per share |
|
8 |
(10-2) |
| Amount realised on reissue |
|
|
|
12000 |
(1500*8) |
▶ Video Solution: Coming Soon
Question 102
| Number of application received |
|
|
|
30000 |
|
|
|
|
| Less - Number of application rejected |
|
60000 |
|
|
|
|
| Number of application on which pro |
|
|
|
|
|
|
| rata allotment made |
|
24000 |
|
|
|
|
| Number of shares alloted |
|
|
|
20000 |
|
|
|
|
| Note : Calculation of Calls in Arrears for Abhay |
| |
| Number of shares applied |
|
|
|
600 |
(24000/20000*500) |
|
|
|
| Number of shares allotted |
|
500 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Amount paid on application |
|
3600 |
(600*6) |
|
|
|
| Amount used on application |
|
3000 |
(500*6) |
|
|
|
| Excess amount on application |
|
|
|
600 |
|
|
|
|
| |
|
|
|
Face value |
Premium |
|
|
|
| Amount due on allotment |
|
|
|
500 |
1000 |
|
|
|
| Less - Excess Appl money adjusted |
|
500 |
100 |
|
|
|
| Calls in Arrears |
|
0 |
900 |
|
|
|
| |
|
|
|
|
|
|
|
|
| Amount due on 1st Call |
|
1000 |
(500*2) |
|
|
|
| Less - Amount paid |
|
0 |
|
|
|
|
| Calls in Arrears |
|
|
|
1000 |
|
|
|
|
| Particulars |
|
|
|
|
Dr |
Cr |
Shares |
Per Share |
| Share Capital A/c Dr.. |
|
4500 |
|
500 |
9 |
| Securities Premium Reserve A/c Dr.. |
|
900 |
|
|
|
| To Share Forfeiture A/c |
|
|
3500 |
|
|
| To Shares Allotment A/c |
|
|
900 |
|
|
| To Shares 1st Call A/c |
|
|
1000 |
|
|
| |
|
|
|
|
|
|
|
|
| (Being 500 share forfeited due to non payment |
|
|
|
|
|
| of allotment and call money) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
1800 |
|
300 |
6 |
| Share Forfeiture A/c Dr.. |
|
1200 |
|
300 |
4 |
| To Share Capital A/c |
|
|
3000 |
300 |
10 |
| (Being 2500 shares reissued) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Share Forfeiture A/c Dr.. |
|
900 |
|
|
|
| To Capital Reserve A/c |
|
|
900 |
|
|
| (Being balance in share forfeiture A/c transferred |
|
|
|
|
|
| to Capital Reserve) |
|
|
|
|
|
|
|
|
| Note : Amount transferred to Capital Reserve |
|
|
|
|
|
|
|
|
| Total Amount forfeited |
|
3500 |
|
|
|
| No of shares forfeited |
|
500 |
|
|
|
| No of shares reissued |
|
300 |
|
|
|
| |
|
|
|
|
|
|
|
|
| Amount forfeited on reissued shares |
|
2100 |
|
|
|
| Less - Discount on reissue |
|
1200 |
|
|
|
| Amount transferred to Capital Reserve |
|
900 |
|
|
|
| (2100-1200) |
|
|
|
|
|
|
|
|
▶ Video Solution: Coming Soon
Question 103
| In the books of Alfa Ltd |
| Journal |
| Particulars |
|
|
|
|
Dr |
Cr |
Shares |
Per Share |
| Bank A/c Dr.. |
|
400000 |
|
100000 |
4 |
| To Equity Share Application and Allotment A/c |
|
|
400000 |
|
|
| ( Being share application money received for |
|
|
|
|
|
| 100000 shares @ Rs 4 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share Application and Allotment A/c |
|
400000 |
|
100000 |
|
| To Equity Share Capital A/c |
|
|
300000 |
75000 |
4 |
| |
|
|
|
|
|
0 |
|
|
| To Equity Share 1st Call A/c |
|
|
100000 |
(100000-75000)*4 |
|
| ( Being share application money received for 100000 |
|
|
|
|
|
| shares transferred to Share Capital A/c @ Rs 4 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share 1st Call A/c |
|
225000 |
|
75000 |
|
| To Equity Share Capital A/c |
|
|
225000 |
|
3 |
| |
|
|
|
|
|
0 |
|
|
| ( Being share 1st Call money for 75000 shares |
|
|
|
|
|
| transferred to Share Capital A/c @ Rs 3 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c |
|
123750 |
|
|
|
| To Equity Share 1st Call A/c |
|
|
123750 |
|
|
| ( Being share 1st Call money received for 74250 |
|
|
|
|
|
| shares @ Rs 3 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Share Capital A/c Dr.. |
|
5250 |
|
750 |
7 |
| To Forfeited Shares A/c |
|
|
4000 |
|
|
| To Share 1st Call A/c |
|
|
1250 |
|
|
| (Being 750 shares of Vibha forfeited due to non |
|
|
|
|
|
| payment of 1st Call money) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share 2nd and Final Call A/c |
|
222750 |
|
74250 |
|
| To Equity Share Capital A/c |
|
|
222750 |
|
3 |
| |
|
|
|
|
|
0 |
|
|
| ( Being share 2nd and Final Call money for 74250 shares |
|
|
|
|
|
| transferred to Share Capital A/c @ Rs 3 per share |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c |
|
220500 |
|
73500 |
3 |
| To Equity Share 2nd and Final Call A/c |
|
|
220500 |
|
|
| ( Being share 2nd and Final Call money received |
|
|
|
|
|
| for 73500 shares @ Rs 3 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Share Capital A/c Dr.. |
|
7500 |
|
750 |
10 |
| To Forfeited Shares A/c |
|
|
5250 |
750 |
7 |
| To 2nd and Final Call A/c |
|
|
2250 |
750 |
3 |
| (Being 750 shares of Monika forfeited due to non |
|
|
|
|
|
| payment of 2nd and Final Call money) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
9000 |
|
1500 |
6 |
| Forfeited Shares A/c Dr.. |
|
6000 |
|
1500 |
4 |
| To Share Capital A/c |
|
|
15000 |
1500 |
10 |
| (Being 8000 shares reissued) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Forfeited Shares A/c Dr.. |
|
3250 |
|
|
|
| To Capital Reserve A/c |
|
|
3250 |
|
|
| (Being balance in Forfeited Shares A/c transferred |
|
|
|
|
|
| to Capital Reserve) |
|
|
|
|
|
|
|
|
| Amount received on 1st Call |
|
|
|
|
|
|
|
|
| No of shares |
|
|
|
75000 |
|
|
|
|
| Amount per share |
|
3 |
|
|
|
|
| Amount due on allotment |
|
225000 |
|
|
|
|
| Less - Advance |
|
100000 |
|
|
|
|
| Less - Arrears of Vibha |
|
1250 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Amount received on 1st Call |
|
|
|
123750 |
|
|
|
|
| Particulars |
|
|
Vibha |
Monika |
|
|
|
|
| Shares Applied |
|
1000 |
1000 |
|
|
|
|
| Shares Allotted |
|
750 |
750 |
|
|
|
|
| Amount paid on Application |
|
4000 |
|
|
|
|
|
| Amount used on Application |
|
3000 |
|
|
|
|
|
| Excess Money |
|
1000 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Amount due on 1st Call |
|
2250 |
|
|
|
|
|
| Amount adjusted from advance |
|
1000 |
|
|
|
|
|
| Amount paid |
|
0 |
|
|
|
|
|
| Arrears on 1st Call |
|
|
1250 |
|
|
|
|
|
▶ Video Solution: Coming Soon
Question 104
| In the books of Himalya Company Ltd |
| Journal |
| Particulars |
|
|
|
|
Dr |
Cr |
Shares |
Per Share |
|
| Bank A/c Dr.. |
|
480000 |
|
160000 |
3 |
|
| To Equity Share Application A/c |
|
|
480000 |
|
|
|
| ( Being share application money received for |
|
|
|
|
|
|
| 160000 shares @ Rs 3 per share) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Equity Share Application A/c |
|
480000 |
|
|
|
|
| To Equity Share Capital A/c |
|
|
360000 |
120000 |
3 |
|
| |
|
|
|
|
|
0 |
|
|
|
| To Equity Share Allotment A/c |
|
|
120000 |
40000 |
3 |
|
| ( Being share application money received for 120000 |
|
|
|
|
|
|
| shares transferred to Share Capital A/c @ Rs 3 per share) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Equity Share Allotment A/c |
|
600000 |
|
120000 |
|
|
| To Equity Share Capital A/c |
|
|
360000 |
|
3 |
|
| To Securities Premium Reserve A/c |
|
|
240000 |
|
|
|
| ( Being share allotment money for 120000 shares |
|
|
|
|
|
|
| transferred to Share Capital A/c @ Rs 3 per share |
|
|
|
|
|
|
| and Securities Premium Reserve A/c @ Rs 2 per share) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Bank A/c |
|
480000 |
|
120000 |
5 |
|
| To Equity Share Allotment A/c |
|
|
480000 |
|
|
|
| ( Being share Allotment money received for 120000 |
|
|
|
|
|
|
| shares @ Rs 5 per share after adjusting advance |
|
|
|
|
|
|
| money received at the time of application) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Equity Share 1st Call A/c |
|
240000 |
|
120000 |
|
|
| To Equity Share Capital A/c |
|
|
240000 |
|
2 |
|
| |
|
|
|
|
|
0 |
|
|
|
| ( Being share 1st and Final Call money for 120000 |
|
|
|
|
|
|
| shares transferred to Share Capital A/c @ Rs 2 |
|
|
|
|
|
|
| per share) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Bank A/c |
|
230400 |
|
115200 |
2 |
|
| To Equity Share 1st Call A/c |
|
|
230400 |
|
|
|
| ( Being share 1st Call money received for 115200 |
|
|
|
|
|
|
| shares @ Rs 2 per share) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Equity Share 2nd and Final Call A/c |
|
240000 |
|
120000 |
|
|
| To Equity Share Capital A/c |
|
|
240000 |
|
2 |
|
| |
|
|
|
|
|
0 |
|
|
|
| ( Being share 2nd and Final Call money for 120000 |
|
|
|
|
|
|
| shares transferred to Share Capital A/c @ Rs 2 |
|
|
|
|
|
|
| per share) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Bank A/c |
|
230400 |
|
115200 |
2 |
|
| To Equity Share 2nd and Final Call A/c |
|
|
230400 |
|
|
|
| ( Being share 2nd and Final Call money received for |
|
|
|
|
|
|
| 115200 shares @ Rs 2 per share) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Share Capital A/c Dr.. |
|
48000 |
|
4800 |
10 |
|
| To Forfeited Shares A/c |
|
|
28800 |
4800 |
6 |
|
| To Share 1st Call A/c |
|
|
9600 |
4800 |
2 |
|
| To 2nd and Final Call A/c |
|
|
9600 |
4800 |
2 |
|
| (Being 4800 shares forfeited due to non payment |
|
|
|
|
|
|
| of Call money) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
33600 |
|
4800 |
7 |
|
| Forfeited Shares A/c Dr.. |
|
14400 |
|
4800 |
3 |
|
| To Share Capital A/c |
|
|
48000 |
4800 |
10 |
|
| (Being 4800 shares reissued) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Forfeited Shares A/c Dr.. |
|
14400 |
|
|
|
|
| To Capital Reserve A/c |
|
|
14400 |
|
|
|
| (Being balance in Forfeited Shares A/c transferred |
|
|
|
|
|
|
| to Capital Reserve) |
|
|
|
|
|
|
|
|
|
| Amount transferred to Capital Reserve |
|
|
|
|
|
|
|
|
|
| Amount forfeited |
|
|
|
|
28800 |
|
|
|
|
| Discount given on reissue |
|
14400 |
|
|
|
|
| Amount transferred to Capital Reserve |
|
|
|
|
14400 |
|
|
|
|
| Cash A/c |
|
|
|
|
|
|
|
|
|
| Particulars |
|
|
|
Amount |
|
Particulars |
|
|
Amount |
| To Equity Share Application A/c |
|
480000 |
|
By Balance C/d |
|
1454400 |
| To Equity Share Allotment A/c |
|
480000 |
|
|
|
|
|
| To Equity Share 1st Call A/c |
|
230400 |
|
|
|
|
|
| To Equity Share 2nd and Final Call A/c |
|
230400 |
|
|
|
|
|
| To Share Capital A/c |
|
33600 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
1454400 |
|
Total |
|
|
1454400 |
| Himalaya Company Ltd. |
| Balance Sheet as at …... |
| |
Particulars |
|
|
|
|
Note No |
Rs |
|
|
| I |
Equity and Liabilities |
|
|
|
|
|
| |
Shareholders Funds |
|
|
|
|
|
| |
(a) Share Capital |
|
1 |
1200000 |
|
|
| |
(b) Reserves and Surplus |
|
2 |
254400 |
|
|
| |
Current Liabilities |
|
|
|
|
|
| |
Other Current Liabilities |
|
|
|
|
|
| |
Total |
|
|
1454400 |
|
|
| |
|
|
|
|
|
|
|
|
|
| II |
Assets |
|
|
|
|
|
| |
Tangible Assets |
|
|
|
|
|
| |
Building |
|
3 |
0 |
|
|
| |
Current Assets |
|
|
|
|
|
| |
Cash and Cash Equivalents |
|
4 |
1454400 |
|
|
| |
Total |
|
|
|
|
|
1454400 |
|
|
| |
Notes to Accounts |
|
|
|
|
|
Amount |
Shares |
Per share |
| |
|
|
|
|
|
|
|
|
|
| 1 |
Share Capital |
|
|
|
|
| |
Authorised Capital |
|
|
|
|
| |
Equity Shares of Rs each |
|
0 |
|
|
| |
|
|
|
|
|
|
0 |
|
|
| |
|
|
|
|
|
|
0 |
|
|
| |
Issued Capital |
|
|
|
|
| |
120000 Equity Shares of Rs 10 each |
|
1200000 |
120000 |
10 |
| |
|
|
|
|
|
|
0 |
|
|
| |
|
|
|
|
|
|
1200000 |
|
|
| |
Subscribed Capital |
|
|
|
|
| |
Subscribed and Fully Paid Up |
|
|
|
|
| |
120000 Equity Shares of Rs 10 each |
|
1200000 |
120000 |
10 |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
0 |
|
|
| |
|
|
|
|
|
|
1200000 |
|
|
| |
Subscribed but not Fully Paid Up |
|
|
|
|
| |
Equity Shares of Rs each Rs called Up |
|
0 |
|
|
| |
Less - Calls in Arrears |
|
0 |
|
|
| |
|
|
|
|
|
|
0 |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Add - Forefeited Shares |
|
|
|
|
| |
Amount to be shown in the Balance Sheet against Share |
|
1200000 |
|
|
| |
Capital |
|
|
|
|
| 2 |
Reserves and Surplus |
|
|
|
|
| |
Securities Premium Reserve A/c |
|
240000 |
120000 |
2 |
| |
Capital Reserve |
|
14400 |
|
|
| |
Total |
|
254400 |
|
|
| |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible Assets |
|
|
|
|
| |
Building |
|
|
|
|
| 4 |
Cash and Cash Equivalents |
|
|
|
|
| |
Cash at Bank |
|
|
|
|
|
1454400 |
|
|
▶ Video Solution: Coming Soon
Question 105
| In the books of Visa Ltd |
| Journal |
| Particulars |
|
|
|
|
Dr |
Cr |
Shares |
Per share |
| Bank A/c Dr.. |
|
39000 |
|
13000 |
3 |
| To Equity Share Application A/c |
|
|
39000 |
|
|
| ( Being share application money received for 13000 |
|
|
|
|
|
| shares @ Rs 3 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share Application A/c |
|
39000 |
|
|
|
| To Equity Share Capital A/c |
|
|
30000 |
10000 |
3 |
| To Equity Share Allotment A/c |
|
|
6000 |
2000 |
3 |
| To Bank A/c |
|
|
3000 |
1000 |
3 |
| ( Being share application money received for 10000 |
|
|
|
|
|
| shares transferred to Share Capital A/c @ Rs 3 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share Allotment A/c |
|
20000 |
|
10000 |
|
| To Equity Share Capital A/c |
|
|
20000 |
|
2 |
| |
|
|
|
|
|
0 |
|
|
| ( Being share allotment money for 10000 shares |
|
|
|
|
|
| transferred to Share Capital A/c @ Rs 2 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c |
|
13720 |
|
9800 |
2 |
| To Equity Share Allotment A/c |
|
|
13720 |
|
|
| ( Being share Allotment money received for 9800 |
|
|
|
|
|
| shares @ Rs 2 per share after adjusting advance |
|
|
|
|
|
| money received at the time of application) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Share Capital A/c Dr.. |
|
1000 |
|
200 |
5 |
| To Forfeited Shares A/c |
|
|
720 |
200 |
6 |
| To Share Allotment A/c |
|
|
280 |
200 |
2 |
| |
|
|
|
|
|
|
|
|
| (Being 200 shares forfeited due to non payment |
|
|
|
|
|
| of allotment money) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share 1st Call A/c |
|
29400 |
|
9800 |
|
| To Equity Share Capital A/c |
|
|
29400 |
|
3 |
| |
|
|
|
|
|
0 |
|
|
| ( Being share 1st and Final Call money for 9800 shares |
|
|
|
|
|
| transferred to Share Capital A/c @ Rs 3 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
29400 |
|
9800 |
|
| To Equity Share1st Call A/c |
|
|
29400 |
|
3 |
| |
|
|
|
|
|
0 |
|
|
| (Being share 1st call money received) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
1800 |
|
200 |
9 |
| |
|
|
|
|
|
|
200 |
0 |
| To Share Capital A/c |
|
|
1600 |
200 |
8 |
| To Security Premium Reserve A/c |
|
|
200 |
200 |
1 |
| (Being 4800 shares reissued) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Forfeited Shares A/c Dr.. |
|
720 |
|
|
|
| To Capital Reserve A/c |
|
|
720 |
|
|
| (Being balance in Forfeited Shares A/c transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
| Mohan |
|
|
|
|
|
|
|
|
| Share Applied |
240 |
|
|
|
| Shares Allotted |
200 |
|
|
|
| |
|
|
|
|
|
|
|
|
| Amount paid on Application |
720 |
|
|
|
| Amount used on appplicaiton |
600 |
|
|
|
| Excess transferred to Allotment |
120 |
|
|
|
| |
|
|
|
|
|
|
|
|
| Amount due on allotment |
400 |
|
|
|
| Excess adjusted |
120 |
|
|
|
| Calls in Arrears |
280 |
|
|
|
| |
|
|
|
|
|
|
|
|
| Amount received on allotment |
|
|
|
|
| Amount due on allotment |
20000 |
|
|
|
| Less - Calls in Advance on appplication |
6000 |
|
|
|
| Less - Calls in Arrears |
280 |
|
|
|
| Amount received |
|
|
|
|
13720 |
|
|
|
| Amount transferred to Capital Reserve |
|
|
|
|
|
|
|
|
| Amount forfeited |
|
|
|
|
720 |
|
|
|
| Discount given on reissue |
|
0 |
|
|
|
| Amount transferred to Capital Reserve |
|
|
|
|
720 |
|
|
|
| The question is silent on whether the amount due on 1st call is received or not |
|
|
|
|
|
|
|
|
| In the absence of information it is assumed that the amount on 1st call is not yet received |
|
| Hence the cash book balance in this solution will not match with answer given in book |
|
|
|
|
|
|
|
|
▶ Video Solution: Coming Soon
Question 106
| In the books of Saregama Ltd |
| Journal |
| Particulars |
|
|
|
|
Dr |
Cr |
Shares |
Per share |
| Bank A/c Dr.. |
|
3600000 |
|
120000 |
30 |
| To Equity Share Application A/c |
|
|
3600000 |
|
|
| ( Being share application money received for |
|
|
|
|
|
| 120000 shares @ Rs 30 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share Application A/c |
|
3600000 |
|
|
|
| To Equity Share Capital A/c |
|
|
2400000 |
80000 |
30 |
| |
|
|
|
|
|
0 |
|
|
| To Calls in Advance A/c |
|
|
1200000 |
40000 |
30 |
| ( Being share application money received for 80000 |
|
|
|
|
|
| shares transferred to Share Capital A/c @ Rs 30 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share Allotment A/c |
|
2400000 |
|
80000 |
|
| To Equity Share Capital A/c |
|
|
1600000 |
|
20 |
| To Securities Premium Reserve A/c |
|
|
800000 |
|
|
| ( Being share allotment money for 80000 shares |
|
|
|
|
|
| transferred to Share Capital A/c @ Rs 20 per share |
|
|
|
|
|
| and Securities Premium Reserve A/c @ Rs 10 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c |
|
1176000 |
|
80000 |
30 |
| Calls in Advance A/c |
|
24000 |
|
|
|
| Calls in Arrears A/c |
|
|
1200000 |
|
|
| To Equity Share Allotment A/c |
|
|
|
|
|
| ( Being share Allotment money received for 80000 |
|
|
|
|
|
| shares @ Rs 30 per share after adjusting advance |
|
|
|
|
|
| money received at the time of application) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share 1st Call A/c |
|
2400000 |
|
80000 |
|
| To Equity Share Capital A/c |
|
|
2400000 |
|
30 |
| |
|
|
|
|
|
|
|
|
| ( Being share 1st and Final Call money for 80000 |
|
|
|
|
|
| shares transferred to Share Capital A/c @ Rs 30 |
|
|
|
|
|
| per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
2232000 |
|
74400 |
30 |
| Calls in Arrears A/c Dr.. |
|
168000 |
|
5600 |
30 |
| To Equity Share 1st Call A/c |
|
|
2400000 |
|
|
| #REF! |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Share Capital A/c Dr.. |
|
128000 |
|
1600 |
80 |
| Securities Premium Reserve A/c Dr.. |
|
16000 |
|
1600 |
10 |
| To Forfeited Shares A/c |
|
|
72000 |
1600 |
|
| To Calls in Arrears |
|
|
72000 |
1600 |
2 |
| |
|
|
|
|
|
|
|
|
| (Being 1600 shares of Dhwani forfeited) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Share Capital A/c Dr.. |
|
320000 |
|
4000 |
80 |
| Securities Premium Reserve A/c Dr.. |
|
0 |
|
|
|
| To Forfeited Shares A/c |
|
|
200000 |
4000 |
50 |
| To Calls in Arrears |
|
|
120000 |
4000 |
30 |
| |
|
|
|
|
|
|
|
|
| (Being 4000 shares of Sargam forfeited) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
190000 |
|
2000 |
95 |
| |
|
|
|
|
|
|
|
|
| To Share Capital A/c |
|
|
160000 |
2000 |
80 |
| To Securities Premium Reserve A/c |
|
|
30000 |
2000 |
15 |
| (Being 2000 shares reissued) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Forfeited Shares A/c Dr.. |
|
92000 |
|
|
|
| To Capital Reserve A/c |
|
|
92000 |
|
|
| (Being balance in Forfeited Shares A/c transferred |
|
|
|
|
|
| to Capital Reserve) |
|
|
|
|
|
|
|
|
| Amount transferred to Capital Reserve |
|
|
|
Amt Paid |
Shr forfeited |
Shr Reissued |
Amt on reissued sahres |
|
| Amount paid on Shares of Dhwani |
|
72000 |
1600 |
1600 |
72000 |
|
| Amount paid on Shares of Sargam |
|
200000 |
4000 |
400 |
20000 |
|
| Discount given on reissue |
|
0 |
|
|
0 |
|
| Amount transferred to Capital Reserve |
|
|
|
|
|
|
92000 |
|
| Amount received on Allotment |
|
|
|
|
|
|
|
|
| Total Amount due on allotment |
|
|
|
2400000 |
|
|
|
|
| Less - Received in advance |
|
1200000 |
|
|
|
|
| Balance |
|
1200000 |
|
|
|
|
| Less - Calls in arrears |
|
24000 |
|
|
|
|
| Amount Received |
|
|
|
1176000 |
|
|
|
|
| Amount received on 1st Call |
|
|
|
|
|
|
|
|
| Total Amount due on 1st Call |
|
|
|
2400000 |
|
|
|
|
| Less - Arrears of Dhwani |
|
48000 |
|
|
|
|
| Less - Arrears of Sargam |
|
120000 |
|
|
|
|
| Amount Received |
|
|
|
2232000 |
|
|
|
|
| Calculation of Calls in Arrears for Dhwani |
|
|
|
|
|
|
|
|
| Description |
|
|
|
Dhvani |
|
|
|
|
| Shares Applied |
|
2400 |
|
|
|
|
| Shares alloted |
|
1600 |
|
|
|
|
| Application Money |
|
72000 |
|
|
|
|
| |
|
|
|
Capital |
Premium |
|
|
|
| Due on Application |
|
48000 |
0 |
|
|
|
| Paid/Adjusted |
|
48000 |
0 |
|
|
|
| Excess |
|
24000 |
0 |
|
|
|
| |
|
|
|
|
|
|
|
|
| Due on Allotment |
|
32000 |
16000 |
|
|
|
| Paid/Adjusted |
|
24000 |
0 |
|
|
|
| Arrears on Allotment |
|
8000 |
16000 |
|
|
|
| |
|
|
|
|
|
|
|
|
| Due on 1st Call |
|
48000 |
|
|
|
|
| Paid on 1st Call |
|
0 |
|
|
|
|
| Arrears 1st Call |
|
48000 |
|
|
|
|
| Dhvani - Full premium is not paid |
|
|
|
|
|
|
| Sargam - Premium is fully paid |
|
|
|
|
|
|
|
|
| Note : Calculation of shares allotted to Sargam |
|
|
|
|
|
|
|
|
| Sargam |
|
|
|
|
|
|
|
|
| No of shares applied |
|
6000 |
|
|
|
|
| No of shares allotted (80000/120000*6000) |
|
|
|
4000 |
|
|
|
|
▶ Video Solution: Coming Soon
Question 107
| In the books of XYZ Ltd |
| Journal |
| Particulars |
|
|
|
|
Dr |
Cr |
Shares |
Per share |
| Bank A/c Dr.. |
|
18000 |
|
1800 |
10 |
| To Equity Share Application A/c |
|
|
18000 |
|
|
| ( Being share application money received for 1800 |
|
|
|
|
|
| shares @ Rs 10 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share Application A/c |
|
18000 |
|
|
|
| To Equity Share Capital A/c |
|
|
10000 |
1000 |
10 |
| To Bank A/c |
|
|
3000 |
300 |
10 |
| To Equity Share Allotment A/c |
|
|
5000 |
500 |
10 |
| ( Being share application money received for 1000 |
|
|
|
|
|
| shares transferred to Share Capital A/c @ Rs 10 |
|
|
|
|
|
| per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share Allotment A/c |
|
25000 |
|
1000 |
|
| To Equity Share Capital A/c |
|
|
20000 |
|
20 |
| To Securities Premium Reserve A/c |
|
|
5000 |
|
|
| ( Being share allotment money for 1000 shares |
|
|
|
|
|
| transferred to Share Capital A/c @ Rs 20 per share |
|
|
|
|
|
| and Securities Premium Reserve A/c @ Rs 5 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c |
|
18000 |
|
900 |
25 |
| To Equity Share Allotment A/c |
|
|
18000 |
|
|
| ( Being share Allotment money received for 900 |
|
|
|
|
|
| shares @ Rs 25 per share after adjusting advance |
|
|
|
|
|
| money received at the time of application) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share 1st Call A/c |
|
40000 |
|
1000 |
|
| To Equity Share Capital A/c |
|
|
40000 |
|
40 |
| |
|
|
|
|
|
|
|
|
| ( Being share 1st and Final Call money for 1000 |
|
|
|
|
|
| shares transferred to Share Capital A/c @ Rs 40 |
|
|
|
|
|
| per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
36000 |
|
900 |
40 |
| To Equity Share 1st Call A/c |
|
|
36000 |
|
|
| ( Being share 1st Call money received for 900 |
|
|
|
|
|
| shares @ Rs 40 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Share Capital A/c Dr.. |
|
7000 |
|
100 |
70 |
| Securities Premium Reserve A/c Dr.. |
|
500 |
|
100 |
5 |
| To Forfeited Shares A/c |
|
|
1500 |
|
|
| To Equity Share Allotment A/c |
|
|
2000 |
|
|
| To Equity Share 1st Call A/c |
|
|
4000 |
|
|
| (Being 100 shares forfeited) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
6000 |
|
100 |
60 |
| Forfeited Shares A/c Dr… |
|
1000 |
|
100 |
10 |
| To Share Capital A/c |
|
|
7000 |
100 |
70 |
| |
|
|
|
|
|
0 |
|
|
| (Being 100 shares reissued) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Forfeited Shares A/c Dr.. |
|
500 |
|
|
|
| To Capital Reserve A/c |
|
|
500 |
|
|
| (Being balance in Forfeited Shares A/c transferred |
|
|
|
|
|
| to Capital Reserve) |
|
|
|
|
|
|
|
|
| Note : Calculation of Calls in Arrears for Sundar |
| Description |
|
|
Sundar |
|
|
|
|
|
| Shares Applied |
|
150 |
(1500/1000*100) |
|
|
|
|
| Shares alloted |
|
100 |
|
|
|
|
|
| Application Money |
|
1500 |
|
|
|
|
|
| |
|
|
Capital |
Premium |
|
|
|
|
| Due on Application |
|
1000 |
0 |
|
|
|
|
| Paid/Adjusted |
|
1000 |
0 |
|
|
|
|
| Excess |
|
500 |
0 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Due on Allotment |
|
2000 |
500 |
|
|
|
|
| Paid/Adjusted |
|
500 |
0 |
|
|
|
|
| Arrears on Allotment |
|
1500 |
500 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Due on 1st Call |
|
4000 |
|
|
|
|
|
| Paid on 1st Call |
|
0 |
|
|
|
|
|
| Arrears 1st Call |
|
|
4000 |
|
|
|
|
|
| Note : Calculation of amount received on Allotment |
| |
| Total Amount due on allotment |
|
|
|
|
25000 |
(1000*25) |
|
|
| Less - Received in advance on application |
|
5000 |
|
|
|
| Balance |
|
20000 |
|
|
|
| Less - Calls in arrears |
|
2000 |
(for Sundar) |
|
|
| Amount Received |
|
|
|
|
18000 |
|
|
|
▶ Video Solution: Coming Soon
Question 108
| In the books of Janta Ltd |
| Journal |
| Particulars |
|
|
|
|
Dr |
Cr |
Shares |
Per share |
| Bank A/c Dr.. |
|
4500000 |
|
750000 |
6 |
| To Equity Share Application A/c |
|
|
4500000 |
|
|
| ( Being share application money received for |
|
|
|
|
|
| 750000 shares @ Rs 6 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share Application A/c |
|
4500000 |
|
|
|
| To Equity Share Capital A/c |
|
|
2000000 |
500000 |
4 |
| To Equity Share Allotment A/c |
|
|
1500000 |
250000 |
6 |
| To Securities Premium Reserve A/c |
|
|
1000000 |
|
2 |
| ( Being share application money received for 500000 |
|
|
|
|
|
| shares transferred to Share Capital A/c @ Rs 4 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share Allotment A/c |
|
3000000 |
|
500000 |
|
| To Equity Share Capital A/c |
|
|
2000000 |
|
4 |
| To Securities Premium Reserve A/c |
|
|
1000000 |
|
2 |
| ( Being share allotment money for 500000 shares |
|
|
|
|
|
| transferred to Share Capital A/c @ Rs 4 per share and |
|
|
|
|
|
| Securities Premium Reserve A/c @ Rs 2 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c |
|
1497000 |
|
|
|
| To Equity Share Allotment A/c |
|
|
1497000 |
|
|
| |
|
|
|
|
|
|
|
|
| (Being amount received on share allotment) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share 1st Call A/c |
|
1000000 |
|
500000 |
|
| To Equity Share Capital A/c |
|
|
1000000 |
|
2 |
| |
|
|
|
|
|
|
|
|
| ( Being share 1st Call money for 500000 shares |
|
|
|
|
|
| transferred to Share Capital A/c @ Rs 2 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
997000 |
|
|
|
| To Equity Share 1st Call A/c |
|
|
997000 |
|
|
| (Being amount received on share 1st and Final call) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Share Capital A/c Dr.. |
|
10000 |
|
1000 |
10 |
| Securities Premium Reserve A/c Dr.. |
|
2000 |
|
|
|
| To Forfeited Shares A/c |
|
|
7000 |
1000 |
8 |
| To Equity share Allotment A/c |
|
|
3000 |
|
|
| To Equity share 1st Call A/c |
|
|
2000 |
|
|
| (Being 1500 shares of Mohan forfeited) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Share Capital A/c Dr.. |
|
5000 |
|
500 |
10 |
| To Forfeited Shares A/c |
|
|
4000 |
500 |
8 |
| To Equity share 1st Call A/c |
|
|
1000 |
500 |
2 |
| (Being 500 shares of Vikram forfeited) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
12000 |
|
1500 |
8 |
| Forfeited Shares A/c Dr… |
|
3000 |
|
1500 |
2 |
| To Share Capital A/c |
|
|
15000 |
1500 |
10 |
| (Being 1500 shares reissued) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Forfeited Shares A/c Dr.. |
|
8000 |
|
|
|
| To Capital Reserve A/c |
|
|
8000 |
|
|
| (Being balance in Forfeited Shares A/c transferred |
|
|
|
|
|
| to Capital Reserve) |
|
|
|
|
|
|
|
|
| Note : Amount transferred to Capital Reserve |
| All the shares forfeited are reissued so the amount transferred to capital reserve can be directly calculated |
| |
| Note : Calculation of Calls in Arrrears of Mohan and Vikram |
| Description |
|
|
|
Mohan |
|
Vikram |
|
|
| Shares Applied |
|
1500 |
|
750 |
|
|
| Shares alloted |
|
1000 |
|
500 |
|
|
| Application Money |
|
9000 |
|
|
|
|
| |
|
|
|
Capital |
Premium |
|
|
|
| Due on Application |
|
4000 |
2000 |
|
|
|
| Paid/Adjusted |
|
4000 |
2000 |
|
|
|
| Excess for allotment |
|
3000 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Due on Allotment |
|
4000 |
2000 |
|
|
|
| Paid/Adjusted |
|
3000 |
|
|
|
|
| Arrears on Allotment |
|
1000 |
2000 |
|
|
|
| |
|
|
|
|
|
|
|
|
| Paid on Allotment |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Due on 1st Call |
|
2000 |
|
|
|
|
| Paid/Adjusted |
|
0 |
|
|
|
|
| Arrears on 1st Call |
|
|
|
2000 |
|
|
|
|
| Note : Amount received on Application |
|
|
|
|
|
|
|
|
| Total Amount received on application |
|
4500000 |
|
|
|
|
| Amount adjusted towards application |
|
3000000 |
|
|
|
|
| Excess Carried forward |
|
|
|
1500000 |
|
|
|
|
| Note : Amount received on Allotment |
|
|
|
|
|
|
|
|
| Total Amount due on allotment |
|
3000000 |
|
|
|
|
| Less - Received in advance |
|
1500000 |
|
|
|
|
| Less - Calls in arrears for Mohan |
|
3000 |
|
|
|
|
| Amount Received |
|
|
|
1497000 |
|
|
|
|
| Note : Amount received on 1st Call |
|
|
|
|
|
|
|
|
| Total Amount due on 1st Call |
|
1000000 |
|
|
|
|
| Less - Received in advance |
|
0 |
|
|
|
|
| Less - Calls in Arrears of Mohan |
|
2000 |
|
|
|
|
| Less - Calls in Arrears of Vikram |
|
1000 |
|
|
|
|
| Amount received on 1st Call |
|
|
|
997000 |
|
|
|
|
▶ Video Solution: Coming Soon
Question 109
| In the books of Alok Ltd |
| Journal |
| Particulars |
|
|
|
|
Dr |
Cr |
Shares |
Per share |
| Bank A/c Dr.. |
|
1200000 |
|
150000 |
8 |
| To Equity Share Application and Allotment A/c |
|
|
1200000 |
|
|
| ( Being share application money received for 150000 |
|
|
|
|
|
| shares @ Rs 8 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share Application and Allotment A/c |
|
1200000 |
|
|
|
| To Equity Share Capital A/c |
|
|
500000 |
100000 |
5 |
| To Equity Share Allotment A/c |
|
|
320000 |
50000 |
8 |
| To Securities Premium Reserve A/c |
|
|
300000 |
|
3 |
| To Bank A/c |
|
|
80000 |
10000 |
8 |
| ( Being share application money received for 100000 |
|
|
|
|
|
| shares transferred to Share Capital A/c @ Rs 5 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share 1st and Final Call A/c |
|
700000 |
|
100000 |
|
| To Equity Share Capital A/c |
|
|
500000 |
|
5 |
| To Securities Premium Reserve A/c |
|
|
200000 |
|
2 |
| ( Being share allotment money for 100000 shares |
|
|
|
|
|
| transferred to Share Capital A/c @ Rs 5 per share |
|
|
|
|
|
| and Securities Premium Reserve A/c @ Rs 2 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c |
|
378100 |
|
|
|
| To Equity Share 1st and Final Call A/c |
|
|
378100 |
|
|
| |
|
|
|
|
|
|
|
|
| (Being amount received on share 1st and Final Call) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Share Capital A/c Dr.. |
|
3000 |
|
300 |
10 |
| Securities Premium Reserve A/c Dr.. |
|
600 |
|
300 |
|
| To Forfeited Shares A/c |
|
|
2300 |
300 |
8 |
| To Equity share 1st and Final A/c |
|
|
1300 |
|
|
| |
|
|
|
|
|
|
|
|
| (Being 300 shares of Mohan forfeited) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Share Capital A/c Dr.. |
|
2000 |
|
200 |
10 |
| Securities Premium Reserve A/c Dr.. |
|
400 |
|
200 |
|
| To Forfeited Shares A/c |
|
|
1800 |
|
|
| To Equity share 1st and Final Call A/c |
|
|
600 |
|
|
| (Being 200 shares of Sohan forfeited) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
6000 |
|
500 |
12 |
| Forfeited Shares A/c Dr… |
|
0 |
|
|
|
| To Share Capital A/c |
|
|
5000 |
500 |
10 |
| To Securities Premium Reserve A/c |
|
|
1000 |
500 |
2 |
| (Being 500 shares reissued) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Forfeited Shares A/c Dr.. |
|
4100 |
|
|
|
| To Capital Reserve A/c |
|
|
4100 |
|
|
| (Being balance in Forfeited Shares A/c transferred |
|
|
|
|
|
| to Capital Reserve) |
|
|
|
|
|
|
|
|
| Note : |
|
|
|
FV |
Premium |
Total |
|
|
| Application and Allotment |
|
5 |
3 |
8 |
|
|
| First and Final Call |
|
5 |
2 |
7 |
|
|
| Total |
|
|
|
10 |
5 |
15 |
|
|
| Note : Pro rata Table |
|
|
|
Cat 1 |
Cat 2 |
Cat 3 |
Total |
|
| Applied |
|
80000 |
60000 |
10000 |
150000 |
|
| Allotted |
|
60000 |
40000 |
0 |
100000 |
|
| |
|
|
|
|
|
|
|
|
| Amount paid on application |
|
640000 |
480000 |
80000 |
|
|
| Amount used on application |
|
480000 |
320000 |
0 |
|
|
| Excess Money |
|
160000 |
160000 |
|
|
|
| |
|
|
|
|
|
|
|
|
| Amount due on 1st and Final Call |
|
|
|
420000 |
280000 |
|
|
|
| Note : Calls in Arrears Calculation |
| |
|
|
|
Mohan |
|
Sohan |
|
|
| |
|
|
|
FV |
Premium |
FV |
Premium |
|
| Applied |
|
400 |
|
300 |
|
|
| Allotted |
|
300 |
|
200 |
|
|
| |
|
|
|
|
|
|
|
|
| Amount paid on application |
|
3200 |
|
2400 |
|
|
| Amount due on application |
|
1500 |
900 |
1000 |
600 |
|
| Amount paid |
|
1500 |
900 |
1000 |
600 |
|
| |
|
|
|
|
|
|
|
|
| Excess money |
|
800 |
|
800 |
|
|
| |
|
|
|
|
|
|
|
|
| Amount due on 1st Call |
|
1500 |
600 |
1000 |
400 |
|
| Amount paid |
|
800 |
|
800 |
|
|
| Calls in Arrears |
|
|
|
700 |
600 |
200 |
400 |
|
| Note : Amount received on 1st Call |
|
|
|
|
|
|
|
|
| Amount due on 1st Call |
|
|
|
700000 |
|
|
|
|
| Less - Calls in Advance on application |
|
320000 |
|
|
|
|
| Less - Calls in Arrears |
|
1900 |
|
|
|
|
| Amount received on 1st Call |
|
|
|
378100 |
|
|
|
|
| Note : Amount transferred to Capital Reserve |
|
|
|
|
|
|
|
|
| All the shares forfeited are reissued so the amount |
|
|
|
|
| transferred to capital reserve can be directly calculated |
|
|
|
|
|
|
|
|
| Cash A/c |
|
|
|
|
|
|
|
|
| Particulars |
|
|
Amount |
Particulars |
|
|
Amount |
|
| To Equity share application and allotment A/c |
|
|
1200000 |
By Equity share App and Allt |
|
|
80000 |
|
| To Equity share 1st and Final Call |
|
378100 |
|
|
|
|
|
| To Equity Share Capital A/c |
|
6000 |
By Balance C/d |
|
1504100 |
|
| |
|
|
|
|
|
|
|
|
| Total |
|
|
1584100 |
Total |
|
|
1584100 |
|
▶ Video Solution: Coming Soon
Question 110
| In the books of Ruchi Ltd |
| Journal |
| Particulars |
|
|
|
|
Dr |
Cr |
Shares |
Per share |
| Bank A/c Dr.. |
|
120000 |
|
60000 |
2 |
| To Equity Share Application A/c |
|
|
120000 |
|
|
| ( Being share application money received for 60000 |
|
|
|
|
|
| shares @ Rs 2 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share Application A/c |
|
120000 |
|
|
|
| To Equity Share Capital A/c |
|
|
80000 |
40000 |
2 |
| To Equity Share Allotment A/c |
|
|
16000 |
8000 |
2 |
| To Bank A/c |
|
|
24000 |
12000 |
2 |
| ( Being share application money received for 40000 |
|
|
|
|
|
| shares transferred to Share Capital A/c @ Rs 2 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share Allotment A/c |
|
200000 |
|
40000 |
|
| To Equity Share Capital A/c |
|
|
120000 |
|
3 |
| To Securities Premium Reserve A/c |
|
|
80000 |
|
2 |
| ( Being share allotment money for 40000 shares |
|
|
|
|
|
| transferred to Share Capital A/c @ Rs 3 per share |
|
|
|
|
|
| and Securities Premium Reserve A/c @ Rs 2 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c |
|
176640 |
|
|
|
| To Equity Share Allotment A/c |
|
|
176640 |
|
|
| |
|
|
|
|
|
|
|
|
| (Being amount received on share allotment) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share 1st Call A/c |
|
80000 |
|
40000 |
|
| To Equity Share Capital A/c |
|
|
80000 |
|
2 |
| |
|
|
|
|
|
0 |
|
|
| ( Being share 1st Call money for 40000 shares |
|
|
|
|
|
| transferred to Share Capital A/c @ Rs 2 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
72800 |
|
|
|
| |
|
|
|
|
|
|
|
|
| To Equity Share 1st Call A/c |
|
|
72800 |
|
|
| (Being amount received on share 1st and Final call) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Equity Share 2nd and Final Call A/c |
|
120000 |
|
40000 |
|
| To Equity Share Capital A/c |
|
|
120000 |
|
3 |
| |
|
|
|
|
|
0 |
|
|
| ( Being share 2nd Call money for 40000 shares |
|
|
|
|
|
| transferred to Share Capital A/c @ Rs 3 per share) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
109200 |
|
|
|
| |
|
|
|
|
|
|
|
|
| To Equity Share 2nd Call A/c |
|
|
109200 |
|
|
| (Being amount received on share 2nd and Final call) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Share Capital A/c Dr.. |
|
16000 |
|
1600 |
10 |
| Securities premium Reserve A/c Dr.. |
|
3200 |
|
|
|
| To Forfeited Shares A/c |
|
|
3840 |
|
|
| To Equity share Allotment A/c |
|
|
7360 |
|
|
| To Equity share 1st Call A/c |
|
|
3200 |
|
|
| To Equity share 2nd and Final A/c |
|
|
4800 |
|
|
| (Being 1600 shares of Ram forfeited) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Share Capital A/c Dr.. |
|
20000 |
|
2000 |
10 |
| To Forfeited Shares A/c |
|
|
10000 |
2000 |
5 |
| To Equity share 1st Call A/c |
|
|
4000 |
2000 |
2 |
| To Equity share 2nd and Final A/c |
|
|
6000 |
2000 |
3 |
| (Being 2000 shares of Shyam forfeited) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Bank A/c Dr.. |
|
28800 |
|
3600 |
8 |
| Forfeited Shares A/c Dr… |
|
7200 |
|
3600 |
2 |
| To Share Capital A/c |
|
|
36000 |
3600 |
10 |
| (Being 3600 shares reissued) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Forfeited Shares A/c Dr.. |
|
6640 |
|
|
|
| To Capital Reserve A/c |
|
|
6640 |
|
|
| (Being balance in Forfeited Shares A/c transferred |
|
|
|
|
|
| to Capital Reserve) |
|
|
|
|
|
|
|
|
| Note : Amount transferred to Capital Reserve |
|
|
|
|
|
|
|
|
| All the shares forfeited are reissued so the amount |
|
|
|
|
| transferred to capital reserve can be directly calculated |
|
|
|
|
|
|
|
|
| Note : Calculation of Calls in Arrears for Ram and Shyam |
| Description |
|
|
|
Ram |
|
Shyam |
|
|
| Shares Applied |
|
1920 |
|
2400 |
|
|
| Shares alloted |
|
1600 |
|
2000 |
|
|
| Application Money |
|
3840 |
|
|
|
|
| |
|
|
|
Capital |
Premium |
|
|
|
| Due on Application |
|
3200 |
|
|
|
|
| Paid/Adjusted |
|
3200 |
|
|
|
|
| Excess |
|
640 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Due on Allotment |
|
4800 |
3200 |
|
|
|
| Paid/Adjusted |
|
640 |
|
|
|
|
| Arrears on Allotment |
|
4160 |
3200 |
|
|
|
| |
|
|
|
|
|
|
|
|
| Due on 1st Call |
|
3200 |
|
|
|
|
| Paid/Adjusted |
|
|
|
|
|
|
| Calls in Arrears |
|
3200 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Due on 2nd Call |
|
4800 |
|
|
|
|
| Paid/Adjusted |
|
|
|
|
|
|
| Calls in Arrears |
|
|
|
4800 |
|
|
|
|
| Note : Amount received on Allotment |
|
|
|
|
|
|
|
|
| Total Amount due on allotment |
|
200000 |
|
|
|
|
| Less - Received in advance |
|
16000 |
|
|
|
|
| Less - Calls in arrears of Ram |
|
7360 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Amount received on Allotment |
|
|
|
176640 |
|
|
|
|
| Note : Amount received on 1st Call |
|
|
|
|
|
|
|
|
| Total Amount due on 1st Call |
|
80000 |
|
|
|
|
| Less - Received in advance |
|
0 |
|
|
|
|
| Less - Calls in Arrears of Ram |
|
3200 |
|
|
|
|
| Less - Calls in Arrears of Shyam |
|
4000 |
|
|
|
|
| Amount received on 1st Call |
|
|
|
72800 |
|
|
|
|
| Note : Amount received on 2nd Call |
|
|
|
|
|
|
|
|
| Total Amount due on 2nd Call |
|
120000 |
|
|
|
|
| Less - Received in advance |
|
0 |
|
|
|
|
| Less - Calls in Arrears of Ram |
|
4800 |
|
|
|
|
| Less - Calls in Arrears of Shyam |
|
6000 |
|
|
|
|
| Amount received on 2nd Call |
|
|
|
109200 |
|
|
|
|
▶ Video Solution: Coming Soon
Q 1-10 | Q 11-20 | Q 21-30 | Q 31-40 | Q 41-50 | Q 51-60 | Q 61-70 | Q 71-80 | Q 81-90 | Q 91-100 | Q 100-110 | Q 111-115
T S Grewal Solutions – Issue of Shares – All Questions
T S Grewal Solutions Class 12 2026-27 – All Chapters