Question -
Answer -
| Books of Amisha Ltd. |
| Date | Particulars | L.F. | Debit Amount ₹ | Credit Amount ₹ |
| Bank A/c | Dr. | | 20,00,000 | |
| | To Share Application A/c | | | 20,00,000 |
| (Share Application money received on 50,000 shares @ 40 per share) | | | |
| Share Application A/c | Dr. | | 20,00,000 | |
| | To Share Capital A/c | | | 16,00,000 |
| | To Share Allotment A/c | | | 4,00,000 |
| (Share Application money adjusted) | | | | |
| Share Allotment A/c | Dr. | | 16,00,000 | |
| | To Share Capital A/c | | | 8,00,000 |
| | To Share Premium A/c | | | 8,00,000 |
| (Share Allotment money due including premium) | | | | |
| Bank A/c | Dr. | | 11,82,000 | |
| | To Share Allotment A/c | | | 11,82,000 |
| (Share Allotment money received except 600 shares) | | | | |
| Share Capital A/c | Dr. | | 36,000 | |
| Share premium A/c | Dr. | | 12,000 | |
| | To Share Allotment A/c | | | 18,000 |
| | To Share Forfeiture A/c | | | 30,000 |
| (600 shares forfeited after allotment) | | | | |
| Share First Call A/c | Dr. | | 9,85,000 | |
| | To Share Capital | | | 9,85,000 |
| (First Call money in due on 39,400 shares) | | | | |
| Bank A/c | Dr. | | 9,65,000 | |
| | To Share First Call A/c | | | 9,65,000 |
| (First Call money received except 800 shares) | | | | |
| Share Second and Final Call A/c | Dr. | | 5,91,000 | |
| | To Share Capital A/c | | | 5,91,000 |
| (Second and Final Call money due on 39,400 shares) | | | | |
| Bank A/c | Dr. | | 5,79,000 | |
| | To Share Second and Final Call A/c | | | 5,79,000 |
| (Second and Final Call money received except 800 shares) | | | | |
| Share Capital A/c | Dr. | | 80,000 | |
| | To Share First Call A/c | | | 20,000 |
| | To Share Second & Final Call A/c | | | 12,000 |
| | To Share Forfeiture A/c | | | 48,000 |
| (800 share forfeited) | | | | |
| Bank A/c | Dr. | | 1,02,000 | |
| Share Forfeiture A/c | Dr. | | 18,000 | |
| | To Share Capital A/c | | | | 1,20,000 |
| (Forfeited shares reissued 1,200 @ 85 per share) | | | | |
| Share Forfeiture A/c | Dr. | | 48,000 | |
| | To Capital Reserve A/c | | | | 48,000 |
| (Profit on 1,200 reissued shares are transfer to capital reserve account) | | | | |
| | | | | | | | | |
| Cash Book (Bank Column) |
| Dr. | | | | | | | Cr. |
| Date | Particulars | J.F. | Amount ₹ | Date | Particulars | J.F. | Amount ₹ |
| Share Application | | 20,00,000 | | Balance c/d | | 48,28,000 |
| Share Allotment | | 11,82,000 | | | | |
| Share First Call | | 9,65,000 | | | | |
| Share Final Call | | 5,79,000 | | | | |
| Share Capital | | 1,02,000 | | | | |
| | | 48,28,000 | | | | 48,28,000 |
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WorkingNotes:
2. Call in arrears byRohit on allotment
| Money received on Application | (750×40) | = | 30,000 |
| Less: Amount adjusted on Application | (600×40) | = | 24,000 |
| Amount adjusted on Allotment | | | 6,000 |
3
| Money due on Allotment | (600×40) | 24,000 |
| Money adjusted | | 6,000 |
| Balance due on Allotment | | 18,000 |
5. Profit on theforfeiture of 600 share of Rohit = ₹ 30,000
Profit on theforfeiture of 600 share of Ashmita = ₹ 36,000
| Profit on forfeiture of 1200 shares (30,000 + 36,000) | = | 66,000 |
| Less: Loss on reissue of shares | = | 18,000 |
| Transfer to Capital Reserve | = | 48,000 |
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6. Balance in ShareForfeiture Account (48,000 – 36,000) = ₹ 12,000