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Question No 50 Chapter 1 - Unimax Class 12 Part 2 - 2021
Anant Ltd. issued 70,000 shares of ₹ 10 each at premium of 20% payable as follows:
On application ₹ 5 (including premium); On allotment ₹ 3; and On first and final call ₹ 4.
The company received application for 90,000 shares and allotment was made as follows:
List 1 application for 50,000 shares were allotted in full.
List 2 application for 25,000 shares were allotted Nil shares.
A shareholder to whom 200 shares were allotted under list I paid full amount due on shares along with allotment money. Another shareholder holding 600 shares were subsequently reissued as fully paid @11 per share.
Expenses of issued on come to ₹ 20,000 which were fully written off against off against securities premium A/c.
Pass journal entries in the books of the company.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Bank A/c | Dr. | 4,50,000 | |||
| To share application A/c | 4,50,000 | ||||
| (Being application money received on 90,000 shares) | |||||
| Share application A/c | Dr. | 4,50,000 | |||
| To share capital A/c | 2,10,000 | ||||
| To security premium reserve A/c | 1,40,000 | ||||
| To share allotment A/c | 25,000 | ||||
| To Bank A/c | 75,000 | ||||
| (Being application money transferred) | |||||
| Shares allotment A/c | Dr. | 2,10,000 | |||
| To Calls in Arrears A/c | 2,10,000 | ||||
| (Being allotment due on 70,000 shares @ ₹ 3 per share) | |||||
| Bank A/c | Dr. | 1,85,800 | |||
| To shares allotment A/c | 1,85,800 | ||||
| To calls in advance A/c | 800 | ||||
| (Being allotment money received 70,000 shares @ ₹ 3) | |||||
| Shares first & final call A/c | Dr. | 2,80,000 | |||
| To share capital A/c | 2,80,000 | ||||
| (Being first & final call due on 70,000 shares @ ₹ 4 per share) | |||||
| Bank A/c | Dr. | 2,77,600 | |||
| Calls in advance A/c | Dr. | 800 | |||
| To shares first & final call A/c | 2,78,400 | ||||
| (Being first & final call except on 600 shares @ ₹ 4) | |||||
| Share capital A/c | Dr. | 6,000 | |||
| To Calls in Arrears A/c | 2,400 | ||||
| To forfeited shares A/c | 3,600 | ||||
| (Being forfeited of 600 shares for non-payment of first & final call) | |||||
| Bank A/c | Dr. | 5,500 | |||
| To share capital A/c | 5,000 | ||||
| To securities premium reserve A/c | 500 | ||||
| (Being reissued of 500 shares @ ₹ 11 per share) | |||||
| Shares forfeited A/c | Dr. | 3,000 | |||
| To capital reserve A/c | 3,000 | ||||
| (Being profit on 500 reissued shares transferred to capital reserve) | |||||
| Share issued expenses A/c | Dr. | 20,000 | |||
| To bank A/c | 20,000 | ||||
| (Being expenses incurred on issued of shares) | |||||
| Securities premium reserve A/c | Dr. | 20,000 | |||
| To shares issued expenses A/c | 20,000 | ||||
| (Being shares issued expenses written off against securities premium reserve) | |||||
| Profit on 600 shares | = ₹ 3600 |
| Hence, profit on 500 shares | =3,600/600 x 500 = 3,000 |
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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