Answer:
JOURNAL
Working Note Date Particulars LF Amt (Dr) Amt (Cr) 2017 Jun 1 Bank A/c \[(79,500\times 20)\,+\,(4,500\times 120)\] Dr 21,30,000 To Equity Share Appliation A/c 21,30,000 (Being share application money received) Jul 1 Equity share Application A/c Dr 21,30,000 To Equity Share Capital A/c \[(50,000\times 20)\] 10,00,000 To Equity Share Allotment A/c \[(6,80,000\,+\,2,25,000)\] 9,05,000 To Calls-in-Advance A/c \[(4,500\times 50)\] 2,25,000 (Being adjustment of share application money) Jul 1 Equity Share Allotment A/c \[(50,000\times 50)\] Dr 25,00,000 To Equity Share Capital A/c \[(50,000\times 30)\] 15,00,000 To Securities Premium Reserve A/c \[(50,000\times 20)\] 10,00,000 (Being balance of allotment money due, including premium) Jul 1 Bank A/c Dr 15,90,000 To Equity Share Allotment A/c 15,90,000 (Being balance of share allotment money received) Sep 1 Equity Share First and Final Call A/c \[(50,000\times 50)\] Dr 25,00,000 To Equity Share Capital A/c 25,00.000 (Being share first and final call money due) Sep 1 Bank A/c Dr 22,60,000 Calls-in-Advance A/c Dr 2,25,000 To Equity Share First and final Call A/c 24,85,000 (Being share first and final call money received after adjustment of calls-in-advance and calls-in-arrears) Nov 30 Equity Share Capital A/c \[(300\times 100)\] Dr 30,000 To Equity Share First and Final Call A/c \[(300\times 50)\] 15,000 To Share Forfeited A/c \[(300\times 50)\] 15,000 (Being forfeiture of 300 shares) Nov 30 Bank A/c \[(300\times 130)\] Dr 39,000 To Equity Share Capital A/c \[(300\times 100)\] 30,000 To Securities Premium Reserve A/c \[(300\times 30)\] 9,000 (Being reissue of 300 forfeited shares @ Rs. 130 each) Nov 30 Share Forfeited A/c Dr 15,000 To Capital Reserve A/c 15,000 (Being balance of share forfeited account transferred to capital reserve)
Or JOURNAL Amt (Rs.) Amount received on 79,500 shares @ Rs. 20 per share 15,90,000 (-) Adjustment of application money for 45,500 allotted shares @ Rs. 20 (9,10,000) Remaining amount adjusted on allotment for 45,500 shares 6,80,000 Amount received on 4,500 allotted shares @ Rs. 120 per share 5,40,000 (-) Adjustment of application money \[(4,500shares\,\times Rs.\,20\,per\,share)\] (90,000) 4,50,000 (-) Adjustment of allotment money \[(4,500\times 50)\] (2,25,000) Remaining amount adjusted with call, i.e. calls-in-advance 2,25,000