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Text Limited made an issue of 20000 equity shares of hundred rupees payable as follows on application 25 rupees on allotment 25 rupees on first call 30 rupees on final call 20 rupees share holders holding 300 equity shares did not take calls money and the shares where forfeited 200 of the forfeited shares were issued as fully paid at 60 rupees per share prepare general entries share capital account and forfeited shares account in the books of X Limited?
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Text Limited made an issue of 20000 equity shares of hundred rupees pa...
Journal Entries for Forfeiture and Reissue of Shares


Issue of Shares


Particulars | Debit | Credit
--------------------------------------------------------
Bank A/c | 2,000,000 |
Share Capital A/c | | 2,000,000
(Being the issue of 20,000 equity shares)

Bank A/c | Debit | Credit
--------------------------------------------------------
Application A/c | 500,000 |
Share Capital A/c | | 500,000
(Being the receipt of application money)

Application A/c | Debit | Credit
--------------------------------------------------------
Share Allotment A/c | 500,000 |
Share Capital A/c | | 500,000
(Being the allotment of shares and receipt of allotment money)

Share Allotment A/c | Debit | Credit
--------------------------------------------------------
First Call A/c | 600,000 |
Share Capital A/c | | 600,000
(Being the receipt of first call money)

First Call A/c | Debit | Credit
--------------------------------------------------------
Final Call A/c | 720,000 |
Share Capital A/c | | 720,000
(Being the receipt of final call money)


Forfeiture of Shares


Particulars | Debit | Credit
--------------------------------------------------------
Share Allotment A/c | 7,500 |
First Call A/c | 7,500 |
Share Forfeiture A/c | 15,000 |
(Being the forfeiture of 150 shares on which first call was due)

Share Allotment A/c | 9,000 |
Final Call A/c | 9,000 |
Share Forfeiture A/c | 18,000 |
(Being the forfeiture of 180 shares on which final call was due)

Share Forfeiture A/c | Debit | Credit
--------------------------------------------------------
Share Capital A/c | | 3,000
Share Forfeiture A/c | 30,000 |
(Being the forfeiture of 300 shares)

Share Forfeiture A/c | Debit | Credit
--------------------------------------------------------
Share Forfeiture A/c | 12,000 |
Share Allotment A/c | 6,000 |
Share Capital A/c | | 18,000
(Being the reissue of 200 forfeited shares at Rs. 60 each)

Bank A/c | Debit | Credit
--------------------------------------------------------
Share Forfeiture A/c | 12,000 |
(Being the receipt of reissue price of forfeited shares)


Share Capital Account


Particulars | Amount (Rs.) |
---------------------------------------------
Opening Balance | 2,000,000 |
Issue of Shares | 2,000,000 |
Allotment Money | 500,000 |
First Call Money |
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Text Limited made an issue of 20000 equity shares of hundred rupees payable as follows on application 25 rupees on allotment 25 rupees on first call 30 rupees on final call 20 rupees share holders holding 300 equity shares did not take calls money and the shares where forfeited 200 of the forfeited shares were issued as fully paid at 60 rupees per share prepare general entries share capital account and forfeited shares account in the books of X Limited?
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Text Limited made an issue of 20000 equity shares of hundred rupees payable as follows on application 25 rupees on allotment 25 rupees on first call 30 rupees on final call 20 rupees share holders holding 300 equity shares did not take calls money and the shares where forfeited 200 of the forfeited shares were issued as fully paid at 60 rupees per share prepare general entries share capital account and forfeited shares account in the books of X Limited? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Text Limited made an issue of 20000 equity shares of hundred rupees payable as follows on application 25 rupees on allotment 25 rupees on first call 30 rupees on final call 20 rupees share holders holding 300 equity shares did not take calls money and the shares where forfeited 200 of the forfeited shares were issued as fully paid at 60 rupees per share prepare general entries share capital account and forfeited shares account in the books of X Limited? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Text Limited made an issue of 20000 equity shares of hundred rupees payable as follows on application 25 rupees on allotment 25 rupees on first call 30 rupees on final call 20 rupees share holders holding 300 equity shares did not take calls money and the shares where forfeited 200 of the forfeited shares were issued as fully paid at 60 rupees per share prepare general entries share capital account and forfeited shares account in the books of X Limited?.
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Here you can find the meaning of Text Limited made an issue of 20000 equity shares of hundred rupees payable as follows on application 25 rupees on allotment 25 rupees on first call 30 rupees on final call 20 rupees share holders holding 300 equity shares did not take calls money and the shares where forfeited 200 of the forfeited shares were issued as fully paid at 60 rupees per share prepare general entries share capital account and forfeited shares account in the books of X Limited? defined & explained in the simplest way possible. Besides giving the explanation of Text Limited made an issue of 20000 equity shares of hundred rupees payable as follows on application 25 rupees on allotment 25 rupees on first call 30 rupees on final call 20 rupees share holders holding 300 equity shares did not take calls money and the shares where forfeited 200 of the forfeited shares were issued as fully paid at 60 rupees per share prepare general entries share capital account and forfeited shares account in the books of X Limited?, a detailed solution for Text Limited made an issue of 20000 equity shares of hundred rupees payable as follows on application 25 rupees on allotment 25 rupees on first call 30 rupees on final call 20 rupees share holders holding 300 equity shares did not take calls money and the shares where forfeited 200 of the forfeited shares were issued as fully paid at 60 rupees per share prepare general entries share capital account and forfeited shares account in the books of X Limited? has been provided alongside types of Text Limited made an issue of 20000 equity shares of hundred rupees payable as follows on application 25 rupees on allotment 25 rupees on first call 30 rupees on final call 20 rupees share holders holding 300 equity shares did not take calls money and the shares where forfeited 200 of the forfeited shares were issued as fully paid at 60 rupees per share prepare general entries share capital account and forfeited shares account in the books of X Limited? theory, EduRev gives you an ample number of questions to practice Text Limited made an issue of 20000 equity shares of hundred rupees payable as follows on application 25 rupees on allotment 25 rupees on first call 30 rupees on final call 20 rupees share holders holding 300 equity shares did not take calls money and the shares where forfeited 200 of the forfeited shares were issued as fully paid at 60 rupees per share prepare general entries share capital account and forfeited shares account in the books of X Limited? tests, examples and also practice Class 12 tests.
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