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50 shares of Rs. 10 each, …

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50 shares of Rs. 10 each, issued at as premium of Rs. 5 per share, were forfeited by sohan Ltd. for the nonpayment of allotment money of Rs.9 per share (including premium). The first and final call on these shares at Rs. # per share was not made. Forfeited shares were re-issued @ Rs. 12 per share, fully paid up. Journalise

Posted by Aman Katiyar 1 year, 11 months ago

CBSE > Class 12 > Accountancy

1 answers

Preeti Dabral 1 year, 11 months ago

JOURNAL

<th scope="col">Date</th> <th scope="col">Particulars</th> <th scope="col">L.F.</th> <th scope="col">Dr.(₹)</th> <th scope="col">Cr.(₹)</th>

	Share Capital A/c dr.		350	...
	Securities Premium A/c dr.		250	...
	To share forfeiture A/c		...	150
	To share allotment A/c		...	450
	(Being 50 shares forfeited for non payment of allotment money as per board’s resolution dated..)
	Bank A/c dr.		600	...
	To Share capital A/c		...	500
	To securities Premium A/c		...	100
	(Being 50 shares reissued @ Rs. 12 per share, fully paid)
	Shares Forfeiture A/c Dr.		150	...
	To capital reserve A/c		...	150
	(Being the balance of Forfeited shares transferred to capital reserve.)

Note: Since forfeited shares are reissued at Premium, full amount of share forfeiture account has been transferred to Capital Reserve account.

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