Page 69 - DCOM201_ACCOUNTING_FOR_COMPANIES_I

Accounting for Companies-I
To Forfeited Shares Account (500 × 15)
(Being forfeiture of 500 shares for non-payment of call
money)
Notes Bank Account (300 × 30) Dr. 9,000
Discount on Issue of Shares Account (300 × 5) Dr. 1,500
Forfeited Shares Account (300 × 5) Dr. 1,500
To Share Capital Account (300 × 40) 12,000
(Being reissue of 300 shares for 30 per share as paid up
40 each)
Forfeited Shares Account Dr. 3,000
To Capital Reserve Account 3,000
(Being profit on reissue of 300 forfeited shares transferred
æ 7,500 ö
to capital reserve, i.e. ç ´ 300 – 1,500)
÷
è 500 ø
Share Capital Account (80 × 25) Dr. 3,200
To Call-in-Arrear Account (80 × 2.50) 600
To Discount on Issue of Shares Account (80 × 2.50)
To Forfeited Share Account 2,400
(Being forfeiture of 80 shares for non-payment of call
money)
Bank Account Dr. 2,800
Discount on Issue of Share Account (80 × 2.5) Dr. 200
Forfeited Share Account Dr. 1,000
To Share Capital Account (80 × 50) 4,000
(Being reissue of 80 forfeited shares for a payment of
2,800)
Forfeited Shares Account Dr. 1,400 1,400
To Capital Reserve Account
(Profit on reissue of 80 shares transferred to capital reserve
account i.e., 2400 – 1000)
Share Capital Account (250 × 50) Dr. 12,500
To Share Final Call Account (250 × 25) 6,250
To Forfeited Shares Account (250 × 25) 6,250
(Being forfeiture of 250 shares for non-payment of final
call of 25 per share)
Bank Account Dr. 13,000
To Share Capital Account (200 × 50) 10,000
To Share Premium Account (200 × 15) 3,000
(Being reissue of 200 shares for 65 per share at premium)
Forfeited Shares Account Dr. 5,000
To Capital Reserve Account 5,000
6250
(Profit on reissue of 200 shares transferred, i.e. × 200)
250
Share Capital Account (250 × 45) Dr. 11,250
Share Premium Account (250 × 4) Dr. 1,000
To Share Allotment Account (250 × 15) 3,750
To Share First Call Account (250 × 10) 2,500
To Forfeited Share Account (250 × 24) 6,000
(Being forfeiture of 250 shares for non-payment of
allotment and first call money)

Contd...

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