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Journal entries Class 12 Notes | EduRev

Class 12 : Journal entries Class 12 Notes | EduRev

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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?
Ref: https://edurev.in/question/589050/Text-Limited-made-an-issue-of-20000-equity-shares-

1. bank a/c dr 5lac (25×20000)

to equity share application a/c 5lac

( application money received on 20000 shares )

2. equity share application a/c dr 5lac

to equity share capital a/c. 5lac

(application money transferred to capital a/c)

3. equity share allotment a/c dr 5lac (25×20k) to equity share capital a/c. 5lac

( allotment money due on 20000 shares)

4. bank a/c dr 5lac

to equity share allotment a/c 5lac

( allotment money received on 20000 shares )

5. equity share first call a/c dr 6lac (30×20k)

to equity share capital a/c 6lac

( first call money due on 20k shares)

6. bank a/c dr 5,91,000 ( 6lac -9000)

to equity share first call a/c 5,91,000

(first call money received except 300 shares)

7. equity share final call a/c dr 4lac ( 20k × 20) to equity share capital a/c 4lac

(final call money due on 20000 shares)

8. bank a/c dr 3,94,000 ( 4lac-6000)

to equity share final call a/c 3,94,000

( final call money received except 300 shares)

9. equity share capital a/c 30000 (300×100)

to equity share first call a/c 9000

to equity share final call a/c. 6000

to share forfeiture a/c 15000 ( 300 shares forfeited due to non payment of calls money )

10. bank a/c dr 12000 ( 200×60)

share forfeiture a/c dr 8000 (200×100)

to equity share capital a/c 20000

( 200 shares reissued at 60,fully paid up)

11. share forfeiture a/c dr 2000

to capital reserve a/c 2000

( balance of forfeiture transferred to capital reserve a/c)

hope it will be a help , if any query feel free to ask :)

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Ishita Kaushik

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