Q. 5. Issue of Equity Shares Solution: March 2018 Board Paper

Q. 5. Issue of Equity Shares Solution:

Journal of Aniket Ltd.

Date
Particulars
L.F.
Debit
(Rs.)
Credit
(Rs. )
(1)
Bank A/c ..... Dr.

10,00,000


To Equity Share Application A/c


10,00,000

[Being application money received on 50000 shares @ Rs. 20]








(2)
Equity share Application A/c ..... Dr.

10,00,000


To Equity Share Capital A/c


8,00,000

To Equity Share Allotment A/c


2,00,000

[Being share application money transferred to share capital A/c and excess amount adjusted top allotment money]








(3)
Equity Share Allotment A/c ...... Dr.

12,00,000


To Equity share Capital A/c


12,00,000

[Being Share allotment money due on 40,000 shares @ Rs. 30]








(4)
Bank A/c ... Dr.

10,00,000


To Equity Share Allotment A/c


10,00,000

[Being share allotment money received]








(5)
Equity Share First Call A/c .... Dr.

12,00,000


To Equity Share Capital A/c


12,00,000

[Being share first call amount due on 40,000 shares @ Rs. 30]








(6)
Bank A/c ... Dr.

11,70,000


To Equity Share First Call A/c


11,70,000

[Being share first call amount received on 39,000 shares]








(7)
Equity Share Second Call A/c .... Dr.

8,00,000


To Equity Share Capital A/c


8,00,000

[Being share second call amount due on 40,000 shares @ Rs. 20]








(8)
Bank A/c ..... Dr.

7,80,000


To Equity Share Second Call A/c


7,80,000

[Being share second call amount received on 39,000 shares]








(9)
Equity Share Capital A/c ...... Dr.

1,00,000


To Equity share First Call A/c


30,000

To Equity Share Second Call A/c


20,000

To Equity Share Forfeiture A/c


50000

[Being 1000 share forfeited on account of non - payment of first and second call]








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