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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


=