Forfeiture and Re-issue of Share | Old is Gold |part-1
Old is gold Solution Of Account Grade 12
Forfeiture and Re-issue of share (2076 Set B - 2069 Supp Set B) | Part - 1
Forfeiture and Re-issue of share (2069 Set A Q.no 10 - 2060 Supp. Q.no 2)
2076 Set B Q. No. 10
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 200 shares for nonpayment of final call ) |
20000 |
8000 12000 |
|
Bank a/c Dr (100*80) Share forfeiture a/c (20*100) To share capital To share premium a/c (Being reissue of 100 shares of Rs 80 each at per share) |
8000 2000 |
10000 |
|
Share forfeiture a/c Dr (1200/200 *100)-2000 To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
4000 |
4000 |
2076 Set C Q. No. 10
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 100 shares for nonpayment of final call) |
10000 |
2000 8000 |
|
Bank a/c Dr (50*100) Share forfeiture a/c To share capital (Being reissue of 100 shares
of Rs 50 each at per share) |
5000 5000 |
10000 |
|
Share forfeiture a/c Dr (8000-5000) To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
3000 |
3000 |
2075 GIE Q.No. 9
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 400 shares for nonpayment of first and final
call money ) |
40000 |
12000 24000 |
|
Bank a/c Dr (70*400) Share forfeiture a/c (30*400) To share capital (Being reissue of 400 shares of Rs 70 each at per share) |
28000 12000 |
40000 |
|
Share forfeiture a/c Dr To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
12000 |
12000 |
2075 GIE Q.No. 10
Working note
|
Applied share |
Allotted share |
Excess money |
Adj. to allotment |
Adj. to call |
Refund |
|
5000 25000 |
20000 |
5000*40 200000 |
200000 |
|
5000*40 200000 |
Journal voucher
|
Date |
Particular |
Debit |
Credit |
|
|
Bank a/c Dr To share application a/c (Being share allotment money received) |
1200000 |
1200000 |
|
|
Share application a/c Dr To share capital To share allotment a/c To Bank a/c (Being application money transferred to share capital) |
1200000 |
800000 200000 200000 |
|
|
Share allotment a/c Dr To share capital To share premium a/c (Being share allotment money made due at 10 % premium) |
1000000 |
800000 200000 |
|
|
Bank a/c Dr To share allotment a/c (Being share allotment money received) |
800000 |
800000 |
|
|
Share first and final call a/c Dr To share capital (Being Share first and final money made due ) |
400000 |
400000 |
|
|
Bank a/c Dr Calls in arrears a/c Dr To share first and final
call a/c (Being share first and final call money received except one shareholder holding 200 shares fail to pay first and final call) |
396000 4000 |
400000 |
|
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 200 shares for nonpayment of first and final
call money ) |
20000 |
4000 16000 |
2075 Set A Q. No. 9
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To Discount on issue
of share a/c To share forfeiture (Being forfeiture of share for nonpayment of final call ) |
800 |
240 80 480 |
|
Bank a/c Dr (60*8) Discount on issue of share a/c Dr (60*1) Share forfeiture a/c (60*1) To share capital (Being reissue of 60 shares of Rs 8 each at per share) |
480 60 60 |
600 |
|
Share forfeiture a/c Dr (480/80)(*60)-60 To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
300 |
300 |
2075 Set B Q. No. 9
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 200 shares for nonpayment of final call ) |
2000 |
600 1400 |
|
Bank a/c Dr (200*6) Share forfeiture a/c (200*4) To share capital (Being reissue of 200 shares of Rs. 6 each at per share) |
1200 800 |
2000 |
|
Share forfeiture a/c Dr (1400-800) To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
600 |
600 |
2074 Supp Q. No. 9
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of share for nonpayment of final call money ) |
50000 |
15000 35000 |
|
Bank a/c Dr (500*70) Share forfeiture a/c (500*30) To share capital (Being reissue of 500 shares of Rs 70 each at per share) |
35000 15000 |
50000 |
|
Share forfeiture a/c Dr (35000-20000) To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
20000 |
20000 |
2074 Set A Q. No. 9
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of share for nonpayment of ) |
30000 |
15000 15000 |
|
Bank a/c Dr (80*300) Share forfeiture a/c (20*300) To share capital (Being reissue of 300 shares of Rs 80 each at per share) |
24000 6000 |
30000 |
|
Share forfeiture a/c Dr (15000-6000) To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
9000 |
9000 |
2074 Set A Q.No. 10
Working note
|
Applied share |
Allotted share |
Excess money |
Adj. to allotment |
Adj. to call |
Refund |
|
6000 8000 2000 |
Full 4000 |
4000*30 120000 |
120000 |
|
2000*30 60000 |
Journal voucher
|
Date |
Particular |
Debit |
Credit |
|
|
Bank a/c Dr To share application a/c (Being share allotment money received) |
480000 |
480000 |
|
|
Share application a/c Dr To share capital To share allotment a/c To Bank a/c (Being application money transferred to share capital) |
480000 |
300000 120000 60000 |
|
|
Share allotment a/c Dr To share capital (Being share allotment money
made due) |
500000 |
500000 |
|
|
Bank a/c Dr To share allotment a/c (Being share allotment money received) |
380000 |
380000 |
|
|
Share first and final call a/c Dr To share capital (Being Share first and final money made due ) |
200000 |
200000 |
|
|
Bank a/c Dr Calls in arrears a/c Dr To share first and final
call a/c (Being share first and final call money received except one shareholder holding 200 shares fail to pay first and final call) |
190000 10000 |
200000 |
|
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 500 shares for nonpayment of first and final
call money ) |
50000 |
10000 40000 |
2074 Set B Q. No. 9
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of share for nonpayment of first and final call
money) |
20000 |
6000 14000 |
|
Bank a/c Dr (80*200) Share forfeiture a/c (20*200) To share capital (Being reissue of 200 shares of Rs 80 each at per share) |
16000 4000 |
20000 |
|
Share forfeiture a/c Dr To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
10000 |
10000 |
2073 Supp Q. No. 9
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of share for nonpayment of first and final call
money) |
20000 |
8000 12000 |
|
Bank a/c Dr (80*200) Share forfeiture a/c (20*200) To share capital (Being reissue of 200 shares of Rs 80 each at per share) |
16000 4000 |
20000 |
|
Share forfeiture a/c Dr (12000-4000) To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
8000 |
8000 |
2073 Set C Q. No. 10
Journal entries
|
Particular |
Debit |
Credit |
|
Share allotment a/c Dr To share capital To share premium a/c (Being share allotment money made due at 10 % premium) |
40000 |
30000 10000 |
|
Bank a/c Dr To share allotment a/c (Being share allotment money made due) |
40000 |
40000 |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 200 shares for nonpayment of first and final call
money) |
2000 |
400 1600 |
|
Bank a/c Dr (200*8) Share forfeiture a/c (200*2) To share capital (Being reissue of 200 shares of Rs 8 each at per share) |
1600 400 |
2000 |
|
Share forfeiture a/c Dr To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
1200 |
1200 |
2073 Set D Q. No. 9
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 100 shares for nonpayment of allotment and first
and final call money) |
10000 |
8000 2000 |
|
Bank a/c Dr (100*90) Share forfeiture a/c (100*10) To share capital (Being reissue of 100 shares
of Rs 90 each at per share) |
9000 1000 |
1000 |
|
Share forfeiture a/c Dr To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
1000 |
1000 |
2073 Set D Q.No. 10
Working note
|
Applied share |
Allotted share |
Excess money |
Adj. to allotment |
Adj. to call |
Refund |
|
3000 12000 |
10000 |
2000 |
2000*50 100000 |
|
3000*50 150000 |
Journal Entries
|
Date |
Particular |
Debit |
Credit |
|
|
Share allotment a/c Dr To share capital To premium on issue of
share (Being share allotment money made due) |
400000 |
400000 |
|
|
Bank a/c Dr To share allotment a/c (Being share allotment money received) |
250000 |
250000 |
|
|
Share first and final call a/c Dr To share capital (Being Share first and final money made due ) |
200000 |
200000 |
|
|
Bank a/c Dr Calls in arrears a/c Dr To share first and final
call a/c (Being share first and final call money received except one shareholder holding 100 shares fail to pay first and final call) |
198000 2000 |
200000 |
|
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 100 shares for nonpayment of first and final
call money ) |
10000 |
2000 8000 |
2072 Supp Q. No. 9
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 300 shares for nonpayment of first and final call
money) |
3000 |
300 2700 |
|
Bank a/c Dr (300*5) Share forfeiture a/c (300*5) To share capital (Being reissue of 300 shares of Rs 5 each at per share) |
1500 1500 |
3000 |
|
Share forfeiture a/c Dr To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
1200 |
1200 |
2072 Set C Q. No. 10
Journal
Entry
|
Date |
Particular |
Debit |
Credit |
|
|
Share allotment a/c Dr Discount on issue of share a/c Dr To share capital (Being share allotment money made due at 5 % discount) |
350000 50000 |
400000 |
|
|
Bank a/c Dr To share allotment a/c (Being share allotment money received) |
400000 |
400000 |
|
|
Share first and final call a/c Dr To share capital (Being Share first and final money made due ) |
300000 |
300000 |
|
|
Bank a/c Dr Calls in arrears a/c Dr To share first and final
call a/c (Being share first and final call money received except one shareholder holding 400 shares fail to pay first and final call) |
288000 12000 |
300000 |
|
|
Share capital a/c Dr To discount on issue
of share a/c To call in arrears a/c To share forfeiture (Being forfeiture of 200 shares for nonpayment of first and final
call money ) |
40000 |
2000 12000 26000 |
2072 Set D Q.No. 10
Working note
|
Applied share |
Allotted share |
Excess money |
Adj. to allotment |
Adj. to call |
Refund |
|
12000 16000 2000 |
Got full share 8000 |
8000*20 160000 |
160000 |
|
2000*20 40000 |
Journal entry
|
Date |
Particular |
Debit |
Credit |
|
|
Share allotment a/c Dr Discount on issue of share a/c Dr To share capital (Being share allotment money
made due) |
600000 200000 |
800000 |
|
|
Bank a/c Dr To share allotment a/c (Being share allotment money received) |
440000 |
440000 |
|
|
Share first and final call a/c Dr To share capital (Being Share first and final money made due ) |
800000 |
800000 |
|
|
Bank a/c Dr Calls in arrears a/c Dr To share first and final
call a/c (Being share first and final call money received except one shareholder holding 200 shares fail to pay first and final call) |
796000 4000 |
800000 |
|
|
Share capital a/c Dr To call in arrears a/c To discount on issue
of share a/c To share forfeiture (Being forfeiture of 500 shares for nonpayment of first and final
call money ) |
10000 |
4000 1000 5000 |
2072 Set E Q. No. 10
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 50 shares for nonpayment of first and final call
money) |
5000 |
1000 4000 |
|
Bank a/c Dr (500*80) Share forfeiture a/c (500*20) To share capital To share premium a/c (Being reissue of 50 shares of Rs 80 each at per share) |
40000 1000 |
5000 |
|
Share forfeiture a/c Dr To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
3000 |
3000 |
2071 Supp Q. No. 10
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 200 shares for nonpayment of first and final call
money) |
2000 |
600 1400 |
|
Bank a/c Dr (200*6) Share forfeiture a/c (200*4) To share capital (Being reissue of 200 shares
of Rs 6 each at per share) |
1200 800 |
20000 |
|
Share forfeiture a/c Dr To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
6000 |
6000 |
2071 Set C Q.No. 10
Working note
|
Applied share |
Allotted share |
Excess money |
Adj. to allotment |
Adj. to call |
Refund |
|
500 6000 |
5500 |
500*30 15000 |
15000 |
|
500*30 15000 |
Journal Entries
|
Date |
Particular |
Debit |
Credit |
|
|
Share allotment a/c Dr To share capital To premium on issue of
share (Being share allotment money
made due at 10% premium) |
200000 |
150000 50000 |
|
|
Bank a/c Dr To share allotment a/c (Being share allotment money received) |
185000 |
185000 |
|
|
Share first and final call a/c Dr To share capital (Being Share first and final money made due ) |
200000 |
200000 |
|
|
Bank a/c Dr Calls in arrears a/c Dr (60*40) To share first and final
call a/c (Being share first and final call money received except one shareholder holding 200 shares fail to pay first and final call) |
197200 2400 |
200000 |
|
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 500 shares for nonpayment of first and final
call money ) |
6400 |
2400 3600 |
2071 Set D Q.No. 10
Working note
|
Applied share |
Allotted share |
Excess money |
Adj. to allotment |
Adj. to call |
Refund |
|
4000 9000 2000 |
Full shares 6000 |
3000*15 45000 |
|
|
2000*15 30000 |
Journal Entries
|
Date |
Particular |
Debit |
Credit |
|
|
Share allotment a/c Dr To share capital To share premium (Being share allotment money
made due at 10% premium) |
250000 |
150000 100000 |
|
|
Bank a/c Dr To share allotment a/c (Being share allotment money received) |
205000 |
205000 |
|
|
Share first and final call a/c Dr To share capital (Being Share first and final money made due ) |
150000 |
150000 |
|
|
Bank a/c Dr Calls in arrears a/c Dr (100*15) To share first and final
call a/c (Being share first and final call money received except one shareholder holding 100 shares fail to pay first and final call) |
148500 1500 |
150000 |
|
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 100 shares for nonpayment of first and final
call money ) |
5000 |
1500 3500 |
2070 Set C Q. No. 9
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 100 shares for nonpayment of first and final call
money) |
10000 |
3000 7000 |
|
Bank a/c Dr (100*80) Share forfeiture a/c (100*20) To share capital (Being reissue of 100 shares
of Rs 80 each at per share) |
8000 2000 |
10000 |
|
Share forfeiture a/c Dr To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
5000 |
5000 |
2070 Set C Q.No. 10
Working note
|
Applied share |
Allotted share |
Excess money |
Adj. to allotment |
Adj. to call |
Refund |
|
4000 |
3000 |
1000*20 20000 |
20000 |
|
|
Journal Entries
|
Date |
Particular |
Debit |
Credit |
|
|
Share allotment a/c Dr To share capital To premium on issue of
share a/c (Being share allotment money
made due at 10% premium) |
150000 |
120000 300000 |
|
|
Bank a/c Dr To share allotment a/c (Being share allotment money received) |
1300000 |
1300000 |
|
|
Share first and final call a/c Dr To share capital (Being Share first and final money made due ) |
120000 |
1200000 |
|
|
Bank a/c Dr Calls in arrears a/c Dr (50*40) To share first and final
call a/c (Being share first and final call money received except one shareholder holding 50 shares fail to pay first and final call) |
1198000 2000 |
1200000 |
|
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 50 shares for nonpayment of first and final call
money ) |
5000 |
2000 3000 |
2070 Set D Q.No. 10
Working note
|
Applied share |
Allotted share |
Excess money |
Adj. to allotment |
Adj. to call |
Refund |
|
40000 20000 20000*30 |
Got full 10000 |
10000*30 300000 |
300000 |
|
600000 |
Journal Entries
|
Date |
Particular |
Debit |
Credit |
|
|
Share allotment a/c Dr To share capital (Being share allotment money
made due) |
1500000 |
1500000 |
|
|
Bank a/c Dr To share allotment a/c (Being share allotment money received) |
1200000 |
1200000 |
|
|
Share first and final call a/c Dr To share capital (Being Share first and final money made due ) |
2000000 |
2000000 |
|
|
Bank a/c Dr Calls in arrears a/c Dr To share first and final
call a/c (Being share first and final call money received except one shareholder holding 200 shares fail to pay first and final call) |
1960000 40000 |
2000000 |
|
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 200 shares for nonpayment of first and final
call money ) |
100000 |
40000 60000 |
2069 Supp Set A Q.No. 10
Working note
|
Applied share |
Allotted share |
Excess money |
Adj. to allotment |
Adj. to call |
Refund |
|
5000 10000 5000 |
Full shares 5000 |
5000*20 100000 |
100000 |
|
5000*20 100000 |
Journal Entries
|
Date |
Particular |
Debit |
Credit |
|
|
Share allotment a/c Dr To share capital (Being share allotment money
made due) |
300000 |
300000 |
|
|
Bank a/c Dr To share allotment a/c (Being share allotment money received) |
200000 |
200000 |
|
|
Share first and final call a/c Dr To share capital (Being Share first and final money made due ) |
500000 |
500000 |
|
|
Bank a/c Dr Calls in arrears a/c Dr To share first and final
call a/c (Being share first and final call money received except one shareholder holding 500 shares fail to pay first and final call) |
475000 25000 |
500000 |
|
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 500 shares for nonpayment of first and final
call money ) |
50000 |
25000 25000 |
2069 Supp Set B Q. No. 9
Journal entries
|
Particular |
Debit |
Credit |
|
Share capital a/c Dr To call in arrears a/c To share forfeiture (Being forfeiture of 50 shares for nonpayment of first and final call
money) |
5000 |
1000 4000 |
|
Bank a/c Dr (50*70) Share forfeiture a/c (50*30) To share capital (Being reissue of 50 shares
of Rs 70 each at per share) |
3500 1500 |
|
|
Share forfeiture a/c Dr To capital reserve a/c (Being gained on forfeiture amount transferred to capital reserve) |
2500 |
2500 |
