Accounts-plz help

1513 views 1 replies

 

X was issued 500 shares of XYZ ltd at Rs.12/- per share including premium of Rs,2/-per share . He paid application money of Rs,3/- but failed to pay the allotment money of Rs,4/- including premium. On his subsequent failure to pay 1st call money of Rs.2.5 per share, his shares were forfeited . Y to whom 400 shares were allotted failed to pay 1st and 2nd call money. After due notice, his shares were forfeited. Out of forfeited shares , 700 shares were reissued to Z as fully paid at Rs.7/- per share (whole of X’s shares being included ). Find the amount to be transferred to capital reserve. 

Replies (1)

 

Amount to be credited to capital reserve =

            

Category (a)

No. of shares held(b)

Capital amount calledup(c)

Amount paid (d)

Amount forfeited

(e)

Discount on reissue

(f)

Maximum discount

(g)

Balance of discount

(h)

Amount to capital reserve

(i)

x

500

7.5

3

500*3=1500

500*3=1500

1500

Nill

Nill

y

400

10

5

400*5=2000

200*3=600 **

1000 **

400(g-f)

400

 

Note 1 : y full 400 shares forfeited but only half i.e. 200 are reissued so the amount of maximum discount on it will be changed proportionatly i.e.  2000 is on 400 shres so 1000 on 200 shares .

Note2: on y’s 200 shares 600 rs. Discount is given so balance amount 1000-600=400 will be transferred to capital reserve .

Note3: on x’s  shares maximum  discount is given on reissue so nothing can be transferred to capital reserve on these shares .

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 18 July 2026
Senior Manager- Finance & Accounts

apricus india

Ahmedabad

CA

View Details
Company
ARTICLESHIP 30 June 2026
Article Assistant or Paid Assistant

VIKAS VERMA & CO

New Delhi

Others

View Details
Company
23 July 2026
CA Inter

Vikram Jadhav and Company

Pune

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 16 July 2026
CA Article

Pipara & Co. LLP.

Mumbai

CA Inter

View Details
Company
Featured 18 July 2026
CA Articleship

apricus india

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 16 July 2026
Article Assistant

G A R U D & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 07 July 2026
Articleship

Jawahar and Associates Chartered Accountants

Hyderabad

CA Inter

View Details