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Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.?
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Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount pay...
Journal Entries for Y Ltd.
1) Entry for issue of shares:
Debit: Bank Account (10,000 shares x Rs. 10)
Credit: Equity Share Capital Account (10,000 shares x Rs. 10)
2) Entry for receipt of application money:
Debit: Bank Account (2,500 shares x Rs. 2.50)
Credit: Share Application Account (2,500 shares x Rs. 2.50)
3) Entry for allotment of shares:
Debit: Share Application Account (2,500 shares x Rs. 2.50)
Credit: Share Allotment Account (2,500 shares x Rs. 3)
4) Entry for receipt of allotment money:
Debit: Bank Account (2,500 shares x Rs. 3)
Credit: Share Allotment Account (2,500 shares x Rs. 3)
5) Entry for first call on shares:
Debit: Share First Call Account (2,500 shares x Rs. 2.50)
Credit: Bank Account (2,500 shares x Rs. 2.50)
6) Entry for receipt of first call money:
Debit: Bank Account (2,500 shares x Rs. 2.50)
Credit: Share First Call Account (2,500 shares x Rs. 2.50)
7) Entry for forfeiture of shares:
Debit: Share Allotment Account (1,000 shares x Rs. 3)
Debit: Share First Call Account (1,000 shares x Rs. 2.50)
Credit: Share Forfeiture Account (1,000 shares x Rs. 10)
8) Entry for re-issue of forfeited shares:
Debit: Share Forfeiture Account (1,000 shares x Rs. 10)
Credit: Share Capital Account (1,000 shares x Rs. 10)
Credit: Share Premium Account (1,000 shares x Rs. 8.50 - Rs. 10)
Explanation:
Y Ltd. issued 10,000 equity shares of Rs. 10 each at par. The amount payable was as follows: Rs. 2.50 on application; Rs. 3 on allotment; Rs. 2.50 on first call and Rs. 2 on final call. The company did not make a final call.
Gopal failed to pay allotment and first call money. The directors forfeited his shares and immediately re-issued the forfeited shares at Rs. 8.50 per share.
The first six entries are for the issue of shares and the receipt of application money, allotment money, and first call money.
The seventh entry is for the forfeiture of Gopal's shares. The company debits the share allotment account and the share first call account and credits the share forfeiture account for the total amount of Rs. 5,500 (1,000 shares x Rs. 5.50).
The eighth entry is for the re-issue of forfeited shares. The company debits the share forfeiture account for the amount received from the re-issue of shares (1,000 shares x Rs. 10) and credits the share capital account for the nominal value of the shares (1,000 shares x Rs. 10) and the share premium account for the excess of the re-issue price over the nominal value (1,000 shares x Rs. 8.50 - Rs.
1) Entry for issue of shares:
Debit: Bank Account (10,000 shares x Rs. 10)
Credit: Equity Share Capital Account (10,000 shares x Rs. 10)
2) Entry for receipt of application money:
Debit: Bank Account (2,500 shares x Rs. 2.50)
Credit: Share Application Account (2,500 shares x Rs. 2.50)
3) Entry for allotment of shares:
Debit: Share Application Account (2,500 shares x Rs. 2.50)
Credit: Share Allotment Account (2,500 shares x Rs. 3)
4) Entry for receipt of allotment money:
Debit: Bank Account (2,500 shares x Rs. 3)
Credit: Share Allotment Account (2,500 shares x Rs. 3)
5) Entry for first call on shares:
Debit: Share First Call Account (2,500 shares x Rs. 2.50)
Credit: Bank Account (2,500 shares x Rs. 2.50)
6) Entry for receipt of first call money:
Debit: Bank Account (2,500 shares x Rs. 2.50)
Credit: Share First Call Account (2,500 shares x Rs. 2.50)
7) Entry for forfeiture of shares:
Debit: Share Allotment Account (1,000 shares x Rs. 3)
Debit: Share First Call Account (1,000 shares x Rs. 2.50)
Credit: Share Forfeiture Account (1,000 shares x Rs. 10)
8) Entry for re-issue of forfeited shares:
Debit: Share Forfeiture Account (1,000 shares x Rs. 10)
Credit: Share Capital Account (1,000 shares x Rs. 10)
Credit: Share Premium Account (1,000 shares x Rs. 8.50 - Rs. 10)
Explanation:
Y Ltd. issued 10,000 equity shares of Rs. 10 each at par. The amount payable was as follows: Rs. 2.50 on application; Rs. 3 on allotment; Rs. 2.50 on first call and Rs. 2 on final call. The company did not make a final call.
Gopal failed to pay allotment and first call money. The directors forfeited his shares and immediately re-issued the forfeited shares at Rs. 8.50 per share.
The first six entries are for the issue of shares and the receipt of application money, allotment money, and first call money.
The seventh entry is for the forfeiture of Gopal's shares. The company debits the share allotment account and the share first call account and credits the share forfeiture account for the total amount of Rs. 5,500 (1,000 shares x Rs. 5.50).
The eighth entry is for the re-issue of forfeited shares. The company debits the share forfeiture account for the amount received from the re-issue of shares (1,000 shares x Rs. 10) and credits the share capital account for the nominal value of the shares (1,000 shares x Rs. 10) and the share premium account for the excess of the re-issue price over the nominal value (1,000 shares x Rs. 8.50 - Rs.
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Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount pay...
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Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.?
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Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.? 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 Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.?.
Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.? 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 Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.?.
Solutions for Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.? in English & in Hindi are available as part of our courses for B Com.
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Here you can find the meaning of Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.? defined & explained in the simplest way possible. Besides giving the explanation of
Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.?, a detailed solution for Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.? has been provided alongside types of Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.? theory, EduRev gives you an
ample number of questions to practice Y Ltd. issued 10,000 equity shares of ? 10 each at par. The amount payable was as follows : 2.50 on Y application; 3 on allotment; 2.50 on first call and ₹ 2 on final call. The company did not make final call. Gopal, a holder of 1,000 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at 8.50 per share. Pass Journal entries in the books of the company.? tests, examples and also practice B Com tests.
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