2077/07/28 (13 November, 2020, Friday) Solution of NEB Model Question 2077

 Solution of Principal of Accounting 12 (NEB 2077 Model Question) 

1.  Exam 2077 Q.N. 5   (Model question NEB)

    A company limited issued 5,000 shares of Rs. 100 each payable as under:

      On application                                              Rs. 30

      On allotment                                                 Rs. 50

      On First and Final Call                                 Rs. 20

   Applications were received for 10,000 shares. The allotment were made as follows:

      To the applicants of 2,000 shares —                     2,000 shares

      To the applicants of 6,000 shares —                     3,000 shares

      To the applicants of 2,000 shares —                     Nil shares

   Resolved that the excess amount received on application would be adjusted against the due amount on allotment. All the called money were fully received except one shareholder to whom 100 shares were allotted failed to pay on first and final call and his shares were forfeited.

   Required : Journal entries for

   (a) Allotment  (b) First and Final call and (c) Forfeiture                                       2 + 2 + 1

 

   Solution:

Analytical Table

Applied share

Allotted share

App. received

App. payable

Excess money

Transfer to

Refund

Allotment

1st & final

2000

2000

2000×30 = 60,000

2000×30 = 60,000

—

—

—

—

6000

3000

6000×30 = 180,000

3000×30 = 90,000

90000

90000

—

—

2000

-

2000×30 = 60,000

—

—

—

—

60000

10000

5000

300000

150000

150000

90000

—

60000

                                           Journal entries

Date

Particulars

LF

Debit Rs.

Credit Rs.

a)

  Share allotment a/c Dr. 5000 × 50

      To Share capital a/c

(Being share allotment money made due)

 

250000

 

250000

b)

  Bank a/c Dr. (5000 × 50 – 90,000)

      To Share allotment a/c

(Being share allotment money received)

 

160000

 

160000

c)

  Share fist and final call a/c Dr. 5000 × 20

      To Share capital a/c

(Being share first and final call money made due)

 

100000

 

100000

d)

  Bank a/c Dr. (5000 × 20 – 20,000)

  Calls in arrears a/c Dr.* (100 × 20)

      To Share first and final call a/c

(Being share first and final call money received except non-payment)

 

98000

2000

 

 

100000

e)

  Share capital a/c Dr. 100 × 100

      To Share forfeiture a/c

      To Calls in arrears a/c

(Being non-payment share forfeited)

 

10000

 

8000

2000

   Calculation of calls in arrear

   No of default shares × rate of share 1st & final call = 100 × 20 = 2000

          





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