B Com Exam > B Com Questions > A Ltd. issued a prospectus as offering 10,000...
Start Learning for Free
A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ?
Most Upvoted Answer
A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 e...
Journal Entries for A Ltd.
1. Entry for issuing equity shares and receiving applications:
Bank Account Dr. 2,20,000
To Equity Share Capital Account 2,00,000
To Share Premium Account 20,000
2. Entry for allotment of shares:
Share Application Account Dr. 30,000
Share Allotment Account Dr. 80,000
To Equity Share Capital Account 2,00,000
To Share Premium Account 20,000
3. Entry for the first call made:
First Call Account Dr. 24,000
To Share First Call Account 24,000
4. Entry for forfeiture of shares:
Share Forfeiture Account Dr. 8,000
To Equity Share Capital Account 8,000
5. Entry for reissuing forfeited shares:
Bank Account Dr. 3,900
Share Forfeiture Account Dr. 4,500
To Equity Share Capital Account 6,000
To Share Premium Account 1,400
Explanation:
- A Ltd. issued a prospectus to offer 10,000 equity shares of Rs. 20 each at Rs. 22 per share.
- The company received applications amounting to Rs. 2,20,000, which is credited to the bank account.
- The company allotted shares by debiting the share application account and share allotment account and crediting equity share capital account and share premium account.
- On the first call being made, shareholders paid the respective amounts except for one who held 400 shares. Hence, the board of directors forfeited those shares.
- The company debited share forfeiture account and credited equity share capital account for the forfeited shares.
- The company reissued 300 of the forfeited shares by debiting share forfeiture account and bank account and crediting equity share capital account and share premium account. The reissued shares were credited Rs. 15 paid for Rs. 13 per share.
1. Entry for issuing equity shares and receiving applications:
Bank Account Dr. 2,20,000
To Equity Share Capital Account 2,00,000
To Share Premium Account 20,000
2. Entry for allotment of shares:
Share Application Account Dr. 30,000
Share Allotment Account Dr. 80,000
To Equity Share Capital Account 2,00,000
To Share Premium Account 20,000
3. Entry for the first call made:
First Call Account Dr. 24,000
To Share First Call Account 24,000
4. Entry for forfeiture of shares:
Share Forfeiture Account Dr. 8,000
To Equity Share Capital Account 8,000
5. Entry for reissuing forfeited shares:
Bank Account Dr. 3,900
Share Forfeiture Account Dr. 4,500
To Equity Share Capital Account 6,000
To Share Premium Account 1,400
Explanation:
- A Ltd. issued a prospectus to offer 10,000 equity shares of Rs. 20 each at Rs. 22 per share.
- The company received applications amounting to Rs. 2,20,000, which is credited to the bank account.
- The company allotted shares by debiting the share application account and share allotment account and crediting equity share capital account and share premium account.
- On the first call being made, shareholders paid the respective amounts except for one who held 400 shares. Hence, the board of directors forfeited those shares.
- The company debited share forfeiture account and credited equity share capital account for the forfeited shares.
- The company reissued 300 of the forfeited shares by debiting share forfeiture account and bank account and crediting equity share capital account and share premium account. The reissued shares were credited Rs. 15 paid for Rs. 13 per share.
Community Answer
A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 e...
ACC Ltd.issued a prospectus offering 10 000 Equity shares of 20 each at र 22 per share payable as follows: on application 8 on First call 76 on first call 76 on final call? 5 On first call being made all the shareholders except one holding 400 shares dully paid their respective amounts.These 400 shares were forfeited by the Board of Directors and 300 of these shares were subsequently re issued credited ₹15 paid for ₹13 per share and the amount thus due being duly received.show the entries in the journal of Acc
|
Explore Courses for B Com exam
|
|
Similar B Com Doubts
A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ?
Question Description
A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ?.
A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ?.
Solutions for A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ? defined & explained in the simplest way possible. Besides giving the explanation of
A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ?, a detailed solution for A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ? has been provided alongside types of A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ? theory, EduRev gives you an
ample number of questions to practice A Ltd. issued a prospectus as offering 10,000 equity shares of Rs.20 each at Rs.22 per share payable as follows: On app. Rs.3 , On allotment Rs.8 (with premium), On 1^st call Rs.6, On final call Rs.5 . On 1^st call being made , all the shareholders except one holding 400 shares duly paid their respective amounts. These 400 shares were forfeited by the BOD and 300 of these shares were reissued credited Rs.15 paid for Rs.13 per share. Show the entries in the journal of A LTD. ? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup