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New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.?
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New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. T...
Journal Entries for New Ltd. Issued Shares
1. Entry for Application Money Received
Bank A/c Dr. 30,000
To Share Application A/c 30,000
2. Entry for Allotment Money Received
Share Allotment A/c Dr. 75,000
Bank A/c Dr. 15,000
To Share Application A/c 90,000
3. Entry for First Call Money Received
Share First Call A/c Dr. 75,000
Bank A/c Dr. 15,000
To Share Allotment A/c 75,000
To Share Application A/c 15,000
4. Entry for Forfeiture of Shares
Share Forfeiture A/c Dr. 3,500
Share First Call A/c Dr. 1,500
To Share Capital A/c 10,000
5. Entry for Reissue of Forfeited Shares
Bank A/c Dr. 3,500
Share Capital A/c Dr. 10,000
To Share Forfeiture A/c 13,500
Explanation:
New Ltd. issued 20,000 shares of Rs 10 each at a premium of Rs 2 per share. The shares were payable Rs 2 on application, Rs 5 on allotment, and Rs 5 on the first and final call. The company received applications for 15,000 shares and allotted all these shares. The first call was made, and the amount due thereon was received except for the amount on 500 shares.
Hence, the company forfeited these shares and reissued them at Rs 7 each as fully paid up. The necessary journal entries for these transactions are given above.
The first entry records the receipt of application money for 15,000 shares. The second entry records the receipt of allotment money for these shares. The third entry records the receipt of the first call money for these shares.
The fourth entry records the forfeiture of 500 shares and the transfer of the amount already paid on these shares to the share capital account. The fifth entry records the reissue of the forfeited shares at Rs 7 each as fully paid up.
1. Entry for Application Money Received
Bank A/c Dr. 30,000
To Share Application A/c 30,000
2. Entry for Allotment Money Received
Share Allotment A/c Dr. 75,000
Bank A/c Dr. 15,000
To Share Application A/c 90,000
3. Entry for First Call Money Received
Share First Call A/c Dr. 75,000
Bank A/c Dr. 15,000
To Share Allotment A/c 75,000
To Share Application A/c 15,000
4. Entry for Forfeiture of Shares
Share Forfeiture A/c Dr. 3,500
Share First Call A/c Dr. 1,500
To Share Capital A/c 10,000
5. Entry for Reissue of Forfeited Shares
Bank A/c Dr. 3,500
Share Capital A/c Dr. 10,000
To Share Forfeiture A/c 13,500
Explanation:
New Ltd. issued 20,000 shares of Rs 10 each at a premium of Rs 2 per share. The shares were payable Rs 2 on application, Rs 5 on allotment, and Rs 5 on the first and final call. The company received applications for 15,000 shares and allotted all these shares. The first call was made, and the amount due thereon was received except for the amount on 500 shares.
Hence, the company forfeited these shares and reissued them at Rs 7 each as fully paid up. The necessary journal entries for these transactions are given above.
The first entry records the receipt of application money for 15,000 shares. The second entry records the receipt of allotment money for these shares. The third entry records the receipt of the first call money for these shares.
The fourth entry records the forfeiture of 500 shares and the transfer of the amount already paid on these shares to the share capital account. The fifth entry records the reissue of the forfeited shares at Rs 7 each as fully paid up.
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New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. T...
New ltd . issues 20000 share of rs 10 each at 's premium of rs 2 per . the share were the number they are distributed in exact the number in which 15000 share 7000 and they are
1000 / 90 = 2.5 and the are they are aslo to all the number of and they are also responsible 2.5 and 3.4 so here are progressing and they are also responsible 1000 by 1000 so number is 0 in which so very and problem to here
1000 / 90 = 2.5 and the are they are aslo to all the number of and they are also responsible 2.5 and 3.4 so here are progressing and they are also responsible 1000 by 1000 so number is 0 in which so very and problem to here
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New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.?
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New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.? 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 New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.?.
New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.? 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 New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.?.
Solutions for New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.? 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 New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.? defined & explained in the simplest way possible. Besides giving the explanation of
New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.?, a detailed solution for New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.? has been provided alongside types of New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.? theory, EduRev gives you an
ample number of questions to practice New Ltd. Issued 20000 shares of Rs 10 each at s premium of Rs 2 per. The shares were payable Rs 2 on application Rs 5 on allotment ,Rs 5 on first and final call. Application for 15,000 shares were received and all these shares were allotted the first call was was made and the amount due thereon was received except the amount on 500 shares. Hence, these shares were forfeited and reissued Rs 7 each as fully paid up give the necessary journal entries.? tests, examples and also practice B Com tests.
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