Question 10: Chapter 10 - Company Accounts Part I (Accounting For Shares)
Book Keeping Accountancy Solutions for Class 12 Commerce Accountancy
PRACTICAL PROBLEMS
(Forfeiture of shares issued at premium)
The Century Ltd. issued 8,000 shares of Rs 100 at a premium of 10% payable as under-
On Application Rs. 25
On Allotment Rs. 40 (including premium)
On First Call: Rs. 20
On Second Call Rs. 25
Company called up allotment and both the calls which were duly received except Ramesh to whom 500 shares were allotted failed to pay allotment and calls.
Prepare Journal of Century Ltd.
Working Notes:
Calls - in - Arrears on Share allotment = 500 x 40 = Rs. 20000 (including premium of Rs. 10)
Calls - in - Arrears on First Call = 500 x 20 = Rs. 10,000.
Calls - in - Arrears on Final Call = 500 x 25 = Rs. 12500.
On Application Rs. 25
|
On Allotment Rs. 40 (including premium)
|
On First Call: Rs. 20
|
On Second Call Rs. 25
|
