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Journal of Ltd (4) Credit Date Particulars Equity Share Capital A/c (470* Rs.10). Dr ? Dr To Forfeited Shares A/c To Calls in Arrears A/c (470 shares forfeited for non-payment of allotment and call money) Bank A/c . Dr To Equity Share Capital A/c To ? (60 shares reissued at Rs.14 per share) Forfeited Shares A/c To ? (Gain @ Rs.2 on reissue of 60 shares transferred to capital reserve) Dr L/F Debit 4,700 940 6,110 840 22?
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Journal of Ltd (4) Credit Date Particulars Equity Share Capital A/c (4...
Journal Entry Explanation:
- The journal entry records the various transactions related to the equity share capital of the company.
Equity Share Capital A/c (470* Rs.10). Dr
- In this entry, the equity share capital account is debited with the total value of the shares issued. The calculation is 470 shares multiplied by Rs.10 per share, resulting in a total of Rs.4,700.
To Forfeited Shares A/c
- This entry represents the transfer of forfeited shares to the forfeited shares account. The forfeited shares are shares that have been cancelled by the company due to non-payment of allotment and call money.
To Calls in Arrears A/c (470 shares forfeited for non-payment of allotment and call money)
- This entry records the transfer of the unpaid amount of allotment and call money to the calls in arrears account. It indicates that the shareholders have not paid the full amount due on their shares.
Bank A/c . Dr
- This entry represents the debit to the bank account as the company receives the payment for the shares issued. The amount of Rs.6,110 represents the total amount received from the shareholders.
To Equity Share Capital A/c
- This entry records the transfer of the amount received from the shareholders to the equity share capital account. It increases the equity share capital of the company.
To ? (60 shares reissued at Rs.14 per share)
- This entry represents the reissuance of 60 shares at a price of Rs.14 per share. The total amount received from the reissuance is not mentioned in the question.
Forfeited Shares A/c To ? (Gain @ Rs.2 on reissue of 60 shares transferred to capital reserve)
- This entry records the transfer of the gain on the reissuance of the 60 shares to the capital reserve. The gain is calculated as the difference between the reissuance price (Rs.14) and the original value of the forfeited shares (Rs.10). The total gain is not mentioned in the question.
In summary, the journal entries reflect the issuance, forfeiture, and reissuance of shares, as well as the receipt of payment and transfer of funds to the relevant accounts. The entries also indicate the gain on the reissuance of shares, which is transferred to the capital reserve.
- The journal entry records the various transactions related to the equity share capital of the company.
Equity Share Capital A/c (470* Rs.10). Dr
- In this entry, the equity share capital account is debited with the total value of the shares issued. The calculation is 470 shares multiplied by Rs.10 per share, resulting in a total of Rs.4,700.
To Forfeited Shares A/c
- This entry represents the transfer of forfeited shares to the forfeited shares account. The forfeited shares are shares that have been cancelled by the company due to non-payment of allotment and call money.
To Calls in Arrears A/c (470 shares forfeited for non-payment of allotment and call money)
- This entry records the transfer of the unpaid amount of allotment and call money to the calls in arrears account. It indicates that the shareholders have not paid the full amount due on their shares.
Bank A/c . Dr
- This entry represents the debit to the bank account as the company receives the payment for the shares issued. The amount of Rs.6,110 represents the total amount received from the shareholders.
To Equity Share Capital A/c
- This entry records the transfer of the amount received from the shareholders to the equity share capital account. It increases the equity share capital of the company.
To ? (60 shares reissued at Rs.14 per share)
- This entry represents the reissuance of 60 shares at a price of Rs.14 per share. The total amount received from the reissuance is not mentioned in the question.
Forfeited Shares A/c To ? (Gain @ Rs.2 on reissue of 60 shares transferred to capital reserve)
- This entry records the transfer of the gain on the reissuance of the 60 shares to the capital reserve. The gain is calculated as the difference between the reissuance price (Rs.14) and the original value of the forfeited shares (Rs.10). The total gain is not mentioned in the question.
In summary, the journal entries reflect the issuance, forfeiture, and reissuance of shares, as well as the receipt of payment and transfer of funds to the relevant accounts. The entries also indicate the gain on the reissuance of shares, which is transferred to the capital reserve.
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Journal of Ltd (4) Credit Date Particulars Equity Share Capital A/c (470* Rs.10). Dr ? Dr To Forfeited Shares A/c To Calls in Arrears A/c (470 shares forfeited for non-payment of allotment and call money) Bank A/c . Dr To Equity Share Capital A/c To ? (60 shares reissued at Rs.14 per share) Forfeited Shares A/c To ? (Gain @ Rs.2 on reissue of 60 shares transferred to capital reserve) Dr L/F Debit 4,700 940 6,110 840 22?
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Journal of Ltd (4) Credit Date Particulars Equity Share Capital A/c (470* Rs.10). Dr ? Dr To Forfeited Shares A/c To Calls in Arrears A/c (470 shares forfeited for non-payment of allotment and call money) Bank A/c . Dr To Equity Share Capital A/c To ? (60 shares reissued at Rs.14 per share) Forfeited Shares A/c To ? (Gain @ Rs.2 on reissue of 60 shares transferred to capital reserve) Dr L/F Debit 4,700 940 6,110 840 22? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Journal of Ltd (4) Credit Date Particulars Equity Share Capital A/c (470* Rs.10). Dr ? Dr To Forfeited Shares A/c To Calls in Arrears A/c (470 shares forfeited for non-payment of allotment and call money) Bank A/c . Dr To Equity Share Capital A/c To ? (60 shares reissued at Rs.14 per share) Forfeited Shares A/c To ? (Gain @ Rs.2 on reissue of 60 shares transferred to capital reserve) Dr L/F Debit 4,700 940 6,110 840 22? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journal of Ltd (4) Credit Date Particulars Equity Share Capital A/c (470* Rs.10). Dr ? Dr To Forfeited Shares A/c To Calls in Arrears A/c (470 shares forfeited for non-payment of allotment and call money) Bank A/c . Dr To Equity Share Capital A/c To ? (60 shares reissued at Rs.14 per share) Forfeited Shares A/c To ? (Gain @ Rs.2 on reissue of 60 shares transferred to capital reserve) Dr L/F Debit 4,700 940 6,110 840 22?.
Journal of Ltd (4) Credit Date Particulars Equity Share Capital A/c (470* Rs.10). Dr ? Dr To Forfeited Shares A/c To Calls in Arrears A/c (470 shares forfeited for non-payment of allotment and call money) Bank A/c . Dr To Equity Share Capital A/c To ? (60 shares reissued at Rs.14 per share) Forfeited Shares A/c To ? (Gain @ Rs.2 on reissue of 60 shares transferred to capital reserve) Dr L/F Debit 4,700 940 6,110 840 22? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Journal of Ltd (4) Credit Date Particulars Equity Share Capital A/c (470* Rs.10). Dr ? Dr To Forfeited Shares A/c To Calls in Arrears A/c (470 shares forfeited for non-payment of allotment and call money) Bank A/c . Dr To Equity Share Capital A/c To ? (60 shares reissued at Rs.14 per share) Forfeited Shares A/c To ? (Gain @ Rs.2 on reissue of 60 shares transferred to capital reserve) Dr L/F Debit 4,700 940 6,110 840 22? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journal of Ltd (4) Credit Date Particulars Equity Share Capital A/c (470* Rs.10). Dr ? Dr To Forfeited Shares A/c To Calls in Arrears A/c (470 shares forfeited for non-payment of allotment and call money) Bank A/c . Dr To Equity Share Capital A/c To ? (60 shares reissued at Rs.14 per share) Forfeited Shares A/c To ? (Gain @ Rs.2 on reissue of 60 shares transferred to capital reserve) Dr L/F Debit 4,700 940 6,110 840 22?.
Solutions for Journal of Ltd (4) Credit Date Particulars Equity Share Capital A/c (470* Rs.10). Dr ? Dr To Forfeited Shares A/c To Calls in Arrears A/c (470 shares forfeited for non-payment of allotment and call money) Bank A/c . Dr To Equity Share Capital A/c To ? (60 shares reissued at Rs.14 per share) Forfeited Shares A/c To ? (Gain @ Rs.2 on reissue of 60 shares transferred to capital reserve) Dr L/F Debit 4,700 940 6,110 840 22? in English & in Hindi are available as part of our courses for Commerce.
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