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Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as under: on Application Rs. 2, on allotment Rs. 3, on first call Rs. 2 and on final call Rs. 3. The public applied for 15,000 equity shares which were allotted. The directors did not make the final call. All money called on shares were received except the first call on 500 shares. These shares were forfeited and the reissued on Rs. 7 paid at the rate of Rs. 5 per shares. Give Journal entries and balance sheet of the company.?
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Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as un...
Journal Entries:
1. On the issuance of shares:
Bank A/c Dr. 2,00,000
To Equity Share Capital A/c 2,00,000
2. On receipt of application money:
Bank A/c Dr. 30,000
To Equity Share Application A/c 30,000
3. On allotment of shares:
Equity Share Application A/c Dr. 30,000
To Equity Share Capital A/c 20,000
To Securities Premium A/c 10,000
4. On receipt of allotment money:
Bank A/c Dr. 45,000
To Equity Share Allotment A/c 45,000
5. On the first call:
Equity Share Allotment A/c Dr. 30,000
To Equity Share First Call A/c 30,000
6. On forfeiture of shares:
Equity Share First Call A/c Dr. 1,500
To Equity Share Forfeited A/c 1,500
7. On reissue of forfeited shares:
Bank A/c Dr. 3,500
Securities Premium A/c Dr. 500
To Equity Share Forfeited A/c 2,000
To Equity Share Capital A/c 2,000
Balance Sheet of Sheetal Limited:
Liabilities | Amount (Rs.) | Assets | Amount (Rs.)
------------------|------------------|----------------|------------------
Equity Share | 2,00,000 | Cash & Bank | 1,08,000
Capital | | |
Add: Securities | 10,000 | Sundry Debtors | 15,000
Premium | | |
Less: Calls in | 1,500 | Stock | 40,000
Arrears | | |
Equity Share Allot| 45,000 | Fixed Assets | 2,25,000
ment A/c | | |
Less: Calls in | 30,000 | |
Arrears | | |
Equity Share Forfe| 2,000 | |
ited A/c | | |
------------------|------------------|----------------|------------------
Total | 2,23,500 | Total | 3,88,000
------------------|------------------|----------------|------------------
Explanation:
The journal entries have been made to record the issuance of shares, receipt of application money, allotment of shares, receipt of allotment money, first call on shares, forfeiture of shares and reissue of forfeited shares.
The balance sheet shows the liabilities and assets of the company. The liabilities include equity share capital, securities premium, equity share allotment and equity share forfeited accounts. The assets include cash & bank, sundry debtors, stock and fixed assets.
The calls in arrears have been deducted from the equity share allotment and equity share capital accounts. The amount of calls in arrears has been shown separately in the balance sheet.
The forfeited shares have been shown separately in the balance sheet under the equity share forfeited account. The reissue of forfeited shares has been
1. On the issuance of shares:
Bank A/c Dr. 2,00,000
To Equity Share Capital A/c 2,00,000
2. On receipt of application money:
Bank A/c Dr. 30,000
To Equity Share Application A/c 30,000
3. On allotment of shares:
Equity Share Application A/c Dr. 30,000
To Equity Share Capital A/c 20,000
To Securities Premium A/c 10,000
4. On receipt of allotment money:
Bank A/c Dr. 45,000
To Equity Share Allotment A/c 45,000
5. On the first call:
Equity Share Allotment A/c Dr. 30,000
To Equity Share First Call A/c 30,000
6. On forfeiture of shares:
Equity Share First Call A/c Dr. 1,500
To Equity Share Forfeited A/c 1,500
7. On reissue of forfeited shares:
Bank A/c Dr. 3,500
Securities Premium A/c Dr. 500
To Equity Share Forfeited A/c 2,000
To Equity Share Capital A/c 2,000
Balance Sheet of Sheetal Limited:
Liabilities | Amount (Rs.) | Assets | Amount (Rs.)
------------------|------------------|----------------|------------------
Equity Share | 2,00,000 | Cash & Bank | 1,08,000
Capital | | |
Add: Securities | 10,000 | Sundry Debtors | 15,000
Premium | | |
Less: Calls in | 1,500 | Stock | 40,000
Arrears | | |
Equity Share Allot| 45,000 | Fixed Assets | 2,25,000
ment A/c | | |
Less: Calls in | 30,000 | |
Arrears | | |
Equity Share Forfe| 2,000 | |
ited A/c | | |
------------------|------------------|----------------|------------------
Total | 2,23,500 | Total | 3,88,000
------------------|------------------|----------------|------------------
Explanation:
The journal entries have been made to record the issuance of shares, receipt of application money, allotment of shares, receipt of allotment money, first call on shares, forfeiture of shares and reissue of forfeited shares.
The balance sheet shows the liabilities and assets of the company. The liabilities include equity share capital, securities premium, equity share allotment and equity share forfeited accounts. The assets include cash & bank, sundry debtors, stock and fixed assets.
The calls in arrears have been deducted from the equity share allotment and equity share capital accounts. The amount of calls in arrears has been shown separately in the balance sheet.
The forfeited shares have been shown separately in the balance sheet under the equity share forfeited account. The reissue of forfeited shares has been
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Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as under: on Application Rs. 2, on allotment Rs. 3, on first call Rs. 2 and on final call Rs. 3. The public applied for 15,000 equity shares which were allotted. The directors did not make the final call. All money called on shares were received except the first call on 500 shares. These shares were forfeited and the reissued on Rs. 7 paid at the rate of Rs. 5 per shares. Give Journal entries and balance sheet of the company.?
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Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as under: on Application Rs. 2, on allotment Rs. 3, on first call Rs. 2 and on final call Rs. 3. The public applied for 15,000 equity shares which were allotted. The directors did not make the final call. All money called on shares were received except the first call on 500 shares. These shares were forfeited and the reissued on Rs. 7 paid at the rate of Rs. 5 per shares. Give Journal entries and balance sheet 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 Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as under: on Application Rs. 2, on allotment Rs. 3, on first call Rs. 2 and on final call Rs. 3. The public applied for 15,000 equity shares which were allotted. The directors did not make the final call. All money called on shares were received except the first call on 500 shares. These shares were forfeited and the reissued on Rs. 7 paid at the rate of Rs. 5 per shares. Give Journal entries and balance sheet of the company.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as under: on Application Rs. 2, on allotment Rs. 3, on first call Rs. 2 and on final call Rs. 3. The public applied for 15,000 equity shares which were allotted. The directors did not make the final call. All money called on shares were received except the first call on 500 shares. These shares were forfeited and the reissued on Rs. 7 paid at the rate of Rs. 5 per shares. Give Journal entries and balance sheet of the company.?.
Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as under: on Application Rs. 2, on allotment Rs. 3, on first call Rs. 2 and on final call Rs. 3. The public applied for 15,000 equity shares which were allotted. The directors did not make the final call. All money called on shares were received except the first call on 500 shares. These shares were forfeited and the reissued on Rs. 7 paid at the rate of Rs. 5 per shares. Give Journal entries and balance sheet 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 Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as under: on Application Rs. 2, on allotment Rs. 3, on first call Rs. 2 and on final call Rs. 3. The public applied for 15,000 equity shares which were allotted. The directors did not make the final call. All money called on shares were received except the first call on 500 shares. These shares were forfeited and the reissued on Rs. 7 paid at the rate of Rs. 5 per shares. Give Journal entries and balance sheet of the company.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as under: on Application Rs. 2, on allotment Rs. 3, on first call Rs. 2 and on final call Rs. 3. The public applied for 15,000 equity shares which were allotted. The directors did not make the final call. All money called on shares were received except the first call on 500 shares. These shares were forfeited and the reissued on Rs. 7 paid at the rate of Rs. 5 per shares. Give Journal entries and balance sheet of the company.?.
Solutions for Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as under: on Application Rs. 2, on allotment Rs. 3, on first call Rs. 2 and on final call Rs. 3. The public applied for 15,000 equity shares which were allotted. The directors did not make the final call. All money called on shares were received except the first call on 500 shares. These shares were forfeited and the reissued on Rs. 7 paid at the rate of Rs. 5 per shares. Give Journal entries and balance sheet of the company.? in English & in Hindi are available as part of our courses for B Com.
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Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as under: on Application Rs. 2, on allotment Rs. 3, on first call Rs. 2 and on final call Rs. 3. The public applied for 15,000 equity shares which were allotted. The directors did not make the final call. All money called on shares were received except the first call on 500 shares. These shares were forfeited and the reissued on Rs. 7 paid at the rate of Rs. 5 per shares. Give Journal entries and balance sheet of the company.?, a detailed solution for Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as under: on Application Rs. 2, on allotment Rs. 3, on first call Rs. 2 and on final call Rs. 3. The public applied for 15,000 equity shares which were allotted. The directors did not make the final call. All money called on shares were received except the first call on 500 shares. These shares were forfeited and the reissued on Rs. 7 paid at the rate of Rs. 5 per shares. Give Journal entries and balance sheet of the company.? has been provided alongside types of Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as under: on Application Rs. 2, on allotment Rs. 3, on first call Rs. 2 and on final call Rs. 3. The public applied for 15,000 equity shares which were allotted. The directors did not make the final call. All money called on shares were received except the first call on 500 shares. These shares were forfeited and the reissued on Rs. 7 paid at the rate of Rs. 5 per shares. Give Journal entries and balance sheet of the company.? theory, EduRev gives you an
ample number of questions to practice Sheetal Limited Issued 20,000 equity shares Rs. 10 each, payable as under: on Application Rs. 2, on allotment Rs. 3, on first call Rs. 2 and on final call Rs. 3. The public applied for 15,000 equity shares which were allotted. The directors did not make the final call. All money called on shares were received except the first call on 500 shares. These shares were forfeited and the reissued on Rs. 7 paid at the rate of Rs. 5 per shares. Give Journal entries and balance sheet of the company.? tests, examples and also practice B Com tests.
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