Q.1) The director of a company have forfeited 500 shares of Rs. 20 each Rs. 15 per share called up,
on which Rs. 10 per share has been paid by B.
They re-issue the share to D as Rs. 15 paid up at Rs. 8 per share
& make a further call of Rs. 5 per share & this is paid by D.
Pass Journal entry
Please Solve This Question....... Thank You
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Please solve this company a/c question
Replies (4)
your query is not much clear.. please redraft..
| Date | Journal Entries | Debit | Credit |
| 1 | Equity Share Capital a/c Dr. 500*15 | 7500 | |
| To Equity Share Calls a/c 500*5 | 2500 | ||
| To Forfeited Shares a/c 500*10 | 5000 | ||
| (Being Forfetiure of 500 shares for non payment of calls at Rs. 5 per share as per BR No. …………. Dt. …………..) | |||
| 2 | Bank a/c Dr. 500*8 | 4000 | |
| Forfeited Shares a/c Dr. 500*7 | 3500 | ||
| To Equity Share Capital a/c | 7500 | ||
| (Being re-issue of 500 Forfetied shares at Rs. 8 per share as 15 paidup BR No. …………. Dt. …………..) | |||
| 3 | Forfeited Shares a/c Dr. 500*3 | 1500 | |
| To Capital Reserve (5000-3500) | 1500 | ||
| (Being Profit on re-issue of 500 shares transferred to Capital Reserve BR No. …………. Dt. …………..) | |||
| 4 | Equity Share final call Dr. 500*5 | 2500 | |
| To Equity Share capital a/c | 2500 | ||
| (Being final call due) | |||
| 5 | Bank a/c Dr. | ||
|
To Equity Share final call Dr. 500*5 (Being Final call money received) |
2500 | 2500 |
Please corect me if I am wrong.
| Originally posted by : MD. RAFI | ||
 |
Date Journal Entries Debit Credit 1 Equity Share Capital a/c Dr. 500*15 7500 To Equity Share Calls a/c 500*5 2500 To Forfeited Shares a/c 500*10 5000 (Being Forfetiure of 500 shares for non payment of calls at Rs. 5 per share as per BR No. …………. Dt. …………..) 2 Bank a/c Dr. 500*8 4000 Forfeited Shares a/c Dr. 500*7 3500 To Equity Share Capital a/c 7500 (Being re-issue of 500 Forfetied shares at Rs. 8 per share as 15 paidup BR No. …………. Dt. …………..) 3 Forfeited Shares a/c Dr. 500*3 1500 To Capital Reserve (5000-3500) 1500 (Being Profit on re-issue of 500 shares transferred to Capital Reserve BR No. …………. Dt. …………..) Please corect me if I am wrong. |
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Its fine sir, but what about the last line
i.e (make a further call of Rs. 5 per share & this is paid by D.)
Read more at: /forum/details.asp?quote=1121621&mod_id=236151&offset=1#reply
& make a further call of Rs. 5 per share & this is paid by D
Read more at: /forum/details.asp?quote=1121621&mod_id=236151&offset=1#reply
Read more at: /forum/details.asp?quote=1121621&mod_id=236151&offset=1#reply
Thanks Harish, I have corrected it.
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