Nidhi Ltd. Issued 2,000 Shares of 100 each. All the money was received except on 200 shares on which only Rs. 90 per share were received. These shares were forfeited and out of the forfeited shares 100 shares were reissued at Rs. 80 each as fully paid up. Pass necessary Journal entries for the above transactions and prepare the Forfeited Share Account.

  1. b) Complete the following Journal Entries:

Date

Particulars

LF

Dr- Amount (Rs.)

Cr- Amount (Rs.)

I

——————————————–Dr

 

————-

 
 

To——————————

  

————-

 

To——————————

  

————-

 

(Being the forfeiture of 1000 shares of 10 each, 8 called up, on which allotment money of 2 and First Call of 3has not been received.)

   
     

ii-

——————————————–Dr

 

————-

 
 

To——————————

  

 ————

 

To——————————

  

 ————

 

(Being reissue of 1000 forfeited shares fully paid up at 11 per share)

   
     

iii-

——————————————–Dr

 

————-

 
 

To——————————

  

————-

 

(Being gain on the reissue of shares transferred to capital reserve Account)

   

Marks-8, CBSE:2016-17/Sample/Q-17*