Harish (CS Executive) (386 Points)
16 May 2010
Ashish
(Article)
(30 Points)
Replied 20 May 2010
Share Capital A/c Dr 6.5
Share Final Call A/c 3.5
To Discount 1
To party 3.5(Based on the fact the debtors have been booked)
To Capital Reserve 5.5(based on the fact that this money will not be used for reissue of shares)
Gopal G
(CA Final )
(44 Points)
Replied 21 May 2010
Dear,
No amount will be transferred to capital reserve until re- issue of forfeited shares. Tell me re-issued price then I can able to answer your question.
CA Punit
(CA)
(1775 Points)
Replied 21 May 2010
right..
in simple words, amount collected on calls till date will be transferred to forfeiture a/c
discount(if any) on re-issue of these shares will be adjusted wit forfeiture a/c and balance if any, will be transferred to capital reserve, so entries wud be
Share Capital A/c Dr 6.5
Share Final Call A/c 3.5
To Discount 1
To party 3.5
To Share forfeiture 5.5
on reissue
bank xx
share forfeiture xx (to the extent discount allowed, if any)
To Share capital xx
To Capital reserve xx (bal. after discount adjusted)
CAclubindia
