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New india ltd forfeited 100 shares …

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New india ltd forfeited 100 shares of Rs 10 each ,issued at a discount of 10 %.the company had called up only Rs 8per share .final call of Rs 2 each has not been made on these shares .these shares were alloted to ram ,who didn't pay the first call of Rs 3.60shares were reissued at Rs 7 per share as Rs 8 paid up .give the journal entries in the books of the company showing the working clearly

Posted by Harshita Pani 5 years, 6 months ago

CBSE > Class 12 > Accountancy

3 answers

Akshay Saini 5 years, 6 months ago

440-100=340 in third entry vo galti se likha hua hai

Akshay Saini 5 years, 6 months ago

1.Share capital a/c. Dr. 800 (100*8) To first Call a/c 360 (100*3.6) To share forfeiture a/c. 440(100*4.4) (being 100 shares forfeitured 8 callup) 2.Bank. Dr. 700 share forfeiture Dr. 100. To share capital. 800. (being 100 shares reissued) 3.share forfeiture Dr. 340 To capital reserve 340 ( being 400-100=340)

Akshay Saini 5 years, 6 months ago

As per company act 2013 section 53 company would no longer be permitted to issue shares at discount

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