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A company issues 10,000 shares of the face value of rs10 each payable as rs3 on application rs3 on allotment rs2 on first call and rs 2 on final call. All the shares are subscribed and duly allotted and both the calls are made. All cash is duly received except the final call on 200 shares. These are subsequently forfeited by the directors and are resold as fully paid for rs500 . Give necessary to record the transactions in company's journal?
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A company issues 10,000 shares of the face value of rs10 each payable ...
**Journal Entry for Issuance of Shares**
Date: [Date of Share Issuance]
1. **Share Capital Account** Dr. [Number of Shares] shares x Rs.10 each = Rs.[Total Amount]
To **Share Application Account** Cr. Rs.[Amount Payable on Application]
To **Share Allotment Account** Cr. Rs.[Amount Payable on Allotment]
To **Share First Call Account** Cr. Rs.[Amount Payable on First Call]
To **Share Final Call Account** Cr. Rs.[Amount Payable on Final Call]
(Record the share capital issued at their respective face value and the amounts payable on application, allotment, first call, and final call.)
**Journal Entry for Receipt of Application Money**
Date: [Date of Receipt of Application Money]
2. **Bank Account** Dr. Rs.[Total Amount Received on Application]
To **Share Application Account** Cr. Rs.[Total Amount Received on Application]
(Record the receipt of application money from shareholders.)
**Journal Entry for Receipt of Allotment Money**
Date: [Date of Receipt of Allotment Money]
3. **Bank Account** Dr. Rs.[Total Amount Received on Allotment]
To **Share Allotment Account** Cr. Rs.[Total Amount Received on Allotment]
(Record the receipt of allotment money from shareholders.)
**Journal Entry for Receipt of First Call Money**
Date: [Date of Receipt of First Call Money]
4. **Bank Account** Dr. Rs.[Total Amount Received on First Call]
To **Share First Call Account** Cr. Rs.[Total Amount Received on First Call]
(Record the receipt of first call money from shareholders.)
**Journal Entry for Forfeiture of Shares**
Date: [Date of Share Forfeiture]
5. **Share Final Call Account** Dr. Rs.[Amount Receivable on Final Call]
To **Share Capital Account** Cr. Rs.[Amount Receivable on Final Call]
To **Forfeited Shares Account** Cr. Rs.[Amount Receivable on Final Call]
(Record the forfeiture of shares due to non-payment of the final call amount. Transfer the amount receivable on the final call to the share capital account and create a separate forfeited shares account.)
**Journal Entry for Reissue of Forfeited Shares**
Date: [Date of Reissue of Forfeited Shares]
6. **Bank Account** Dr. Rs.[Amount Received on Reissue of Forfeited Shares]
To **Forfeited Shares Account** Cr. Rs.[Amount Received on Reissue of Forfeited Shares]
To **Share Capital Account** Cr. Rs.[Face Value of Forfeited Shares]
To **Share Premium Account** Cr. [Amount Received on Reissue - Face Value]
(Record the receipt of money from the reissue of forfeited shares. Transfer the face value of the forfeited shares to the share capital account and any excess amount received as share premium.)
**Journal Entry for Transfer of Forfeited Shares to Shareholders' Capital Account**
Date: [Date of Transfer of Forfeited Shares]
7. **Forfeited Shares Account** Dr. Rs.[Face Value of Forfeited Shares]
To **Share Capital Account** Cr. Rs.[Face Value of Forfeited Shares]
(Transfer the face value of the forfeited shares from the forfeited shares account
Date: [Date of Share Issuance]
1. **Share Capital Account** Dr. [Number of Shares] shares x Rs.10 each = Rs.[Total Amount]
To **Share Application Account** Cr. Rs.[Amount Payable on Application]
To **Share Allotment Account** Cr. Rs.[Amount Payable on Allotment]
To **Share First Call Account** Cr. Rs.[Amount Payable on First Call]
To **Share Final Call Account** Cr. Rs.[Amount Payable on Final Call]
(Record the share capital issued at their respective face value and the amounts payable on application, allotment, first call, and final call.)
**Journal Entry for Receipt of Application Money**
Date: [Date of Receipt of Application Money]
2. **Bank Account** Dr. Rs.[Total Amount Received on Application]
To **Share Application Account** Cr. Rs.[Total Amount Received on Application]
(Record the receipt of application money from shareholders.)
**Journal Entry for Receipt of Allotment Money**
Date: [Date of Receipt of Allotment Money]
3. **Bank Account** Dr. Rs.[Total Amount Received on Allotment]
To **Share Allotment Account** Cr. Rs.[Total Amount Received on Allotment]
(Record the receipt of allotment money from shareholders.)
**Journal Entry for Receipt of First Call Money**
Date: [Date of Receipt of First Call Money]
4. **Bank Account** Dr. Rs.[Total Amount Received on First Call]
To **Share First Call Account** Cr. Rs.[Total Amount Received on First Call]
(Record the receipt of first call money from shareholders.)
**Journal Entry for Forfeiture of Shares**
Date: [Date of Share Forfeiture]
5. **Share Final Call Account** Dr. Rs.[Amount Receivable on Final Call]
To **Share Capital Account** Cr. Rs.[Amount Receivable on Final Call]
To **Forfeited Shares Account** Cr. Rs.[Amount Receivable on Final Call]
(Record the forfeiture of shares due to non-payment of the final call amount. Transfer the amount receivable on the final call to the share capital account and create a separate forfeited shares account.)
**Journal Entry for Reissue of Forfeited Shares**
Date: [Date of Reissue of Forfeited Shares]
6. **Bank Account** Dr. Rs.[Amount Received on Reissue of Forfeited Shares]
To **Forfeited Shares Account** Cr. Rs.[Amount Received on Reissue of Forfeited Shares]
To **Share Capital Account** Cr. Rs.[Face Value of Forfeited Shares]
To **Share Premium Account** Cr. [Amount Received on Reissue - Face Value]
(Record the receipt of money from the reissue of forfeited shares. Transfer the face value of the forfeited shares to the share capital account and any excess amount received as share premium.)
**Journal Entry for Transfer of Forfeited Shares to Shareholders' Capital Account**
Date: [Date of Transfer of Forfeited Shares]
7. **Forfeited Shares Account** Dr. Rs.[Face Value of Forfeited Shares]
To **Share Capital Account** Cr. Rs.[Face Value of Forfeited Shares]
(Transfer the face value of the forfeited shares from the forfeited shares account
Community Answer
A company issues 10,000 shares of the face value of rs10 each payable ...
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A company issues 10,000 shares of the face value of rs10 each payable as rs3 on application rs3 on allotment rs2 on first call and rs 2 on final call. All the shares are subscribed and duly allotted and both the calls are made. All cash is duly received except the final call on 200 shares. These are subsequently forfeited by the directors and are resold as fully paid for rs500 . Give necessary to record the transactions in company's journal?
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A company issues 10,000 shares of the face value of rs10 each payable as rs3 on application rs3 on allotment rs2 on first call and rs 2 on final call. All the shares are subscribed and duly allotted and both the calls are made. All cash is duly received except the final call on 200 shares. These are subsequently forfeited by the directors and are resold as fully paid for rs500 . Give necessary to record the transactions in company's journal? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A company issues 10,000 shares of the face value of rs10 each payable as rs3 on application rs3 on allotment rs2 on first call and rs 2 on final call. All the shares are subscribed and duly allotted and both the calls are made. All cash is duly received except the final call on 200 shares. These are subsequently forfeited by the directors and are resold as fully paid for rs500 . Give necessary to record the transactions in company's journal? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A company issues 10,000 shares of the face value of rs10 each payable as rs3 on application rs3 on allotment rs2 on first call and rs 2 on final call. All the shares are subscribed and duly allotted and both the calls are made. All cash is duly received except the final call on 200 shares. These are subsequently forfeited by the directors and are resold as fully paid for rs500 . Give necessary to record the transactions in company's journal?.
A company issues 10,000 shares of the face value of rs10 each payable as rs3 on application rs3 on allotment rs2 on first call and rs 2 on final call. All the shares are subscribed and duly allotted and both the calls are made. All cash is duly received except the final call on 200 shares. These are subsequently forfeited by the directors and are resold as fully paid for rs500 . Give necessary to record the transactions in company's journal? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A company issues 10,000 shares of the face value of rs10 each payable as rs3 on application rs3 on allotment rs2 on first call and rs 2 on final call. All the shares are subscribed and duly allotted and both the calls are made. All cash is duly received except the final call on 200 shares. These are subsequently forfeited by the directors and are resold as fully paid for rs500 . Give necessary to record the transactions in company's journal? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A company issues 10,000 shares of the face value of rs10 each payable as rs3 on application rs3 on allotment rs2 on first call and rs 2 on final call. All the shares are subscribed and duly allotted and both the calls are made. All cash is duly received except the final call on 200 shares. These are subsequently forfeited by the directors and are resold as fully paid for rs500 . Give necessary to record the transactions in company's journal?.
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A company issues 10,000 shares of the face value of rs10 each payable as rs3 on application rs3 on allotment rs2 on first call and rs 2 on final call. All the shares are subscribed and duly allotted and both the calls are made. All cash is duly received except the final call on 200 shares. These are subsequently forfeited by the directors and are resold as fully paid for rs500 . Give necessary to record the transactions in company's journal?, a detailed solution for A company issues 10,000 shares of the face value of rs10 each payable as rs3 on application rs3 on allotment rs2 on first call and rs 2 on final call. All the shares are subscribed and duly allotted and both the calls are made. All cash is duly received except the final call on 200 shares. These are subsequently forfeited by the directors and are resold as fully paid for rs500 . Give necessary to record the transactions in company's journal? has been provided alongside types of A company issues 10,000 shares of the face value of rs10 each payable as rs3 on application rs3 on allotment rs2 on first call and rs 2 on final call. All the shares are subscribed and duly allotted and both the calls are made. All cash is duly received except the final call on 200 shares. These are subsequently forfeited by the directors and are resold as fully paid for rs500 . Give necessary to record the transactions in company's journal? theory, EduRev gives you an
ample number of questions to practice A company issues 10,000 shares of the face value of rs10 each payable as rs3 on application rs3 on allotment rs2 on first call and rs 2 on final call. All the shares are subscribed and duly allotted and both the calls are made. All cash is duly received except the final call on 200 shares. These are subsequently forfeited by the directors and are resold as fully paid for rs500 . Give necessary to record the transactions in company's journal? tests, examples and also practice Commerce tests.
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