17th Q17 Surya Ltd with a registered capital of 10,00,000 equity shares of Rs 10 each, issued - Accountancy - Reconstitution- Change in Existing Profit Sharing Ratio

Question

17th

Q17 Surya Ltd with a registered capital of 10,00,000 equity shares
of Rs 10 each, issued 1,00,000 equity shares payable Rs 3 on
application, Rs 2 on allotment, Rs 3 on first call Rs 2 on second
and final call The amount due on allotment was duly received except
Mr X holding 6,000 shares His shares were immediately forfeited On
the first call being made, Mr Y holding 5,000 equity shares paid
the entire balance on his holding Second call was not made
Pass the necessary journal entries to record and transactions and
show how the share capital will be resented in the balance sheet of
the company Also prepare notes to accounts

Neha Chopra · Accepted Answer

Dear
Student,

Date
Particulars

LF
Amount (in
Rs)
Amount (in
Rs)

Bank A/c
(1,00,000*3)
Dr
300,000

To Share Application
A/c

300,000

(Share Application
monet received)

Share Application
A/c
Dr
300,000

To Share Capital
A/c

300,000

(Share Application
amount transferred to Share Capital A/c)

Share Allotment A/c
(1,00,000*2)
Dr
200,000

To Share Capital
A/c

200,000

(Amount due on
allotment)

Bank A/c
(94,000*2)
Dr
188,000

To Share Allotment
A/c

188,000

(Amount received on
allotment except on 6,000 shares of Mr X)

Share Capital A/c
(6,000*5)
Dr
30,000

To Share Forfeiture
A/c

18,000

To Share Allotment
A/c

12,000

(6,000 shares of Mr X
forfeited)

Share First Call A/c
(94,000*3)
Dr
282,000

To Share Capital
A/c

282,000

(Amount due on Share
first call)

Bank A/c
(2,82,000+10,000)
Dr
292,000

To Share First Call
A/c

282,000

To Calls-in-advance
(5,000*2)

10,000

(Amount received on
first call along with second call on 5000 shares of Mr
Y)

Balance Sheet Extract
:

Particulars

I Equity &
Liabilities

(I) Shareholders
Funds
Note
No
Amount (in
Rs)

(a) Share
Capital
1
770,000

(II) Current
liabilities

(a) Other Current
liabilities

10,000

Notes to
Accounts

Note No
1

Share
Capital

Particulars
Amount (in
Rs)

Authorised Share
Capital

10,00,000 equity
shares of Rs 10 each
10,000,000

Issued Share
Capital

100,000 equity shares
of Rs 10 each
1,000,000

Subscribed Share
Capital

94,000 shares @ Rs 10
each called up Rs 8 per share
752,000

Add: Share Forfeited
(6,000*3)
18,000

770,000

Regards,

Date	Particulars	LF	Amount (in Rs)	Amount (in Rs)
	Bank A/c (1,00,000*3)	Dr	300,000
	To Share Application A/c			300,000
	(Share Application monet received)

	Share Application A/c	Dr	300,000
	To Share Capital A/c			300,000
	(Share Application amount transferred to Share Capital A/c)

	Share Allotment A/c (1,00,000*2)	Dr	200,000
	To Share Capital A/c			200,000
	(Amount due on allotment)

	Bank A/c (94,000*2)	Dr	188,000
	To Share Allotment A/c			188,000
	(Amount received on allotment except on 6,000 shares of Mr X)

	Share Capital A/c (6,000*5)	Dr	30,000
	To Share Forfeiture A/c			18,000
	To Share Allotment A/c			12,000
	(6,000 shares of Mr X forfeited)

	Share First Call A/c (94,000*3)	Dr	282,000
	To Share Capital A/c			282,000
	(Amount due on Share first call)

	Bank A/c (2,82,000+10,000)	Dr	292,000
	To Share First Call A/c			282,000
	To Calls-in-advance (5,000*2)			10,000
	(Amount received on first call along with second call on 5000 shares of Mr Y)

Particulars
I. Equity & Liabilities
(I) Shareholders Funds	Note No	Amount (in Rs)
(a) Share Capital	1	770,000
(II) Current liabilities
(a) Other Current liabilities		10,000

Notes to Accounts
Note No 1
Share Capital
Particulars	Amount (in Rs)
Authorised Share Capital
10,00,000 equity shares of Rs 10 each	10,000,000

Issued Share Capital
100,000 equity shares of Rs 10 each	1,000,000

Subscribed Share Capital
94,000 shares @ Rs 10 each called up Rs 8 per share	752,000
Add: Share Forfeited (6,000*3)	18,000
	770,000