Date | Particulars | LF | Amt (Dr) | Amt (Cr) | |
Share Capital A/c \[\left( 600\times 8 \right)\] | Dr | 4,800 | |||
To Share First Call A/c \[\left( 600\times 3 \right)\] | 1,800 | ||||
To ............... | .... | ||||
(Being 600 shares forfeited) | |||||
.............. | Dr | ... | |||
............... | Dr | ... | |||
To ............... | .... | ||||
(Being 200 shares re-issued at Rs. 7, Rs. 8 called-up) | |||||
............... | Dr | ... | |||
To.......... | ... | ||||
(Being balance transferred to capital reserve) |
Answer:
JOURNAL
Working Note
Date
Particulars
LF
Amt (Dr)
Amt (Cr)
Share Capital A/c \[\left( 600\times 8 \right)\]
Dr
4,800
To Share First Call A/c \[\left( 600\times 3 \right)\]
1,800
To Share Forfeiture A/c \[\left( \mathbf{600\times 5} \right)\]
3,000
(Being 600 shares forfeited)
Bank A/c \[\left( \mathbf{200\times 7} \right)\]
Dr
1,400
Share Forfeiture A/c
Dr
200
To Share Capital A/c \[\left( \mathbf{200\times 8} \right)\]
1,600
(Being 200 shares re-issued at Rs. 7, Rs. 8 called-up)
Share Forfeiture A/c
Dr
800
To Capital Reserve A/c
800
(Being balance transferred to capital reserve)
Profit on 600 shares = Rs. 3,000
Hence, profit on 200 shares \[=\frac{3,000}{600}\times 200\]
= 1,000
(-) Loss on re-issue \[=200\text{ }shares\times 1\]
= (200)
Amount transferred to capital reserve
Rs. 800
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