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Jeevan dhara ltd.invited applications for issuing …

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Jeevan dhara ltd.invited applications for issuing 120000 equity shares of rs.10 each at a premium of rs.2 per share the amonut was payable as rs.2 per share on application rs.5 per share including premium on allotment and balance on first and final call.applications for 15000 share were received.shares were alloted to all the applicants on pro rata basis.excess money received on application was adjusted towards sum due on allotmenr.all calls were made.manu who had applied for 3000 shares failed to pay amount amount due on allotment and first and final call.madhur eho had alloted 2400 shares failed to pay first and final call.shares of both manu and madhur were forfeited.the forfeited shares were reissued at rs.9 per share as fully paid up.pass necessary journal entries and calculare capital reserve

Posted by Harneep Dhillon 8 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Sona Irshad 8 years, 4 months ago

Application received :- Bank a/c Dr 30000 To share application a/c 30000 Application money transfered :- Share application a /c Dr 30000 To share allotment a/c 6000 To share capital a/c 24000 Allotment due :- Share allotment a/c Dr 60000 To securities premium reserve a/c 24000 To share capital a/c 36000 Allotment received :- Bank a/ c Dr 54000 To share allotment a /c 54000 First call due :- Share first call a/c Dr 60000 To share capital a/c 60000 First call received :- Bank a/c Dr 60000 To share first call a/c 60000 Forfeiture manu's :- Share capital a/c Dr 24000 Securities premium reserve 4800 To share forfeited a/c 4800 To share allotment a/c 12000 To share first call a/c 12000 Forfeiture madhur's :- Share capital a/c Dr 24000 To forfeiture a/c 12000 To first call a/c 12000 Reissue manu's nd madur's same entry :- Bank a/c Dr 21600 Forfeiture a/c 2400 To share capital a/c 24000 Capital reserve (sum of manu nd madur):- Forfeiture a/c Dr 12000 To capital reserve 12000 (4800+12000=16800,2400+2400=4800,16800-4800=12000)

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