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Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet?
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Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On ...
Transaction in the books of Kisalay Ltd.:
Forfeiture of shares of Mr. Malay:
- Dr. Share Forfeiture A/c (16,000 shares @ Rs. 10 each) 1,60,000
- Cr. Mr. Malay's Share Capital A/c (16,000 shares @ Rs. 10 each) 1,60,000
The above entry records the forfeiture of Mr. Malay's 16,000 shares and the transfer of the same to Share Forfeiture A/c.
Re-issue of forfeited shares:
- Dr. Share Forfeiture A/c (16,000 shares @ Rs. 10 each) 1,60,000
- Cr. Share Capital A/c (16,000 shares @ Rs. 10 each) 1,60,000
The above entry records the re-issue of the forfeited shares at a later date. The Share Forfeiture A/c is reduced by the amount of re-issue, and the Share Capital A/c is increased by the same amount.
Balance Sheet of Kisalay Ltd.:
Liabilities Amount (Rs.) Assets Amount (Rs.)
Share Capital:
- Equity Share Capital (60,000 shares @ Rs. 10 each) 6,00,000 Fixed Assets:
Reserves and Surplus:
- Share Forfeiture Reserve 1,60,000 - Land and Building 4,00,000
- Profit and Loss A/c 1,20,000 - Plant and Machinery 3,00,000
Current Liabilities: - Furniture 1,00,000
- Sundry Creditors 80,000 Investments:
- First and Final Call Money Due 1,92,000 - Shares in XYZ Ltd. 2,00,000
- Bank Overdraft 48,000 Current Assets:
- Cash and Bank Balances 1,60,000
Total 12,00,000 Total 12,00,000
The above balance sheet is prepared after taking into account the forfeiture and re-issue of shares. The Share Forfeiture Reserve is created to show the amount of forfeited shares, and the Share Capital A/c is reduced by the same amount. The Fixed Assets, Investments, and Current Assets are shown at their respective book values. The Current Liabilities include the First and Final Call Money Due, which is yet to be received from the shareholders.
Forfeiture of shares of Mr. Malay:
- Dr. Share Forfeiture A/c (16,000 shares @ Rs. 10 each) 1,60,000
- Cr. Mr. Malay's Share Capital A/c (16,000 shares @ Rs. 10 each) 1,60,000
The above entry records the forfeiture of Mr. Malay's 16,000 shares and the transfer of the same to Share Forfeiture A/c.
Re-issue of forfeited shares:
- Dr. Share Forfeiture A/c (16,000 shares @ Rs. 10 each) 1,60,000
- Cr. Share Capital A/c (16,000 shares @ Rs. 10 each) 1,60,000
The above entry records the re-issue of the forfeited shares at a later date. The Share Forfeiture A/c is reduced by the amount of re-issue, and the Share Capital A/c is increased by the same amount.
Balance Sheet of Kisalay Ltd.:
Liabilities Amount (Rs.) Assets Amount (Rs.)
Share Capital:
- Equity Share Capital (60,000 shares @ Rs. 10 each) 6,00,000 Fixed Assets:
Reserves and Surplus:
- Share Forfeiture Reserve 1,60,000 - Land and Building 4,00,000
- Profit and Loss A/c 1,20,000 - Plant and Machinery 3,00,000
Current Liabilities: - Furniture 1,00,000
- Sundry Creditors 80,000 Investments:
- First and Final Call Money Due 1,92,000 - Shares in XYZ Ltd. 2,00,000
- Bank Overdraft 48,000 Current Assets:
- Cash and Bank Balances 1,60,000
Total 12,00,000 Total 12,00,000
The above balance sheet is prepared after taking into account the forfeiture and re-issue of shares. The Share Forfeiture Reserve is created to show the amount of forfeited shares, and the Share Capital A/c is reduced by the same amount. The Fixed Assets, Investments, and Current Assets are shown at their respective book values. The Current Liabilities include the First and Final Call Money Due, which is yet to be received from the shareholders.
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Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On ...
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Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet?
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Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet? 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 Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet?.
Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet? 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 Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet?.
Solutions for Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet? 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 Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet? defined & explained in the simplest way possible. Besides giving the explanation of
Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet?, a detailed solution for Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet? has been provided alongside types of Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet? theory, EduRev gives you an
ample number of questions to practice Kisalay Ltd. issued 60,000 shares of 10 each at a discount of 10%. On these shares payments are to be made as follows: 20% on application; 30% on allotment and 40% on first and final calls Mr. Malay the holder of 16,000 shares did not pay the call money, hence his shares are forfeited by the company. Journalise the transaction in the books of company and prepare balance sheet? tests, examples and also practice B Com tests.
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