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Ankit Ltd. issued 20,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share, payable as: `{:("On Application",:,"Rs. 3"),("On Allotment",:,"Rs. 5 (including premium)"),("On First Call",:,"Rs. 2"),("On Second and Final Call",:,"Rs. 2"),(,,):}` Vijay was allotted 500 shares. Pass the necessary Journal entries relating to the forfeiture of shares in following cases. Case I Vijay did not pay allotment money and his shares were immediately forfeited. Case II Vijay did not pay allotment and first call, his shares were forfeited after first call. Case III Vijay failed to pay first call and his shares were forfeited immediately. Case IV Vijay failed to pay both the calls and his shares were forfeited. |
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Answer» Case I Dr. Share Capital A/c-Rs. 3,000 and Securities Premium Reserve A/c-Rs.1,000, Cr. Forfeited Shares A/c-Rs. 1,500 and Shares Allotment A/c-Rs. 2,500. Case II Dr. Share Capital A/c-Rs. 4,000 Securities Premium Reserve A/c-Rs. 1,000, Cr. Forfeited Shares A/c-Rs. 1,500, Shares Allotment A/c-Rs. 2,500 and Shares First Call A/c-Rs. 1,000. Case III Dr. Share Capital A/c-Rs. 4,000, Cr. Forfeited Shares A/c-Rs. 3,000 and Shares First Call A/c-Rs. 1,000. Case IV Dr. Share Capital A/c-Rs. 5,000, Cr. Forfeited Shares A/c-Rs. 3,000 and Shares Call A/c-Rs. 1,000 and Shares Second and Final Call A/c-Rs. 1,000. |
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