Lazal Ltd. invited applications for issuing 2,00,000 equity shares of ₹ 10 each, at 20% premium. Amount per share was payable as follows: ₹ 5 on…

Books of Lazal Ltd. Journal L Debit Credit Date Particulars . Amount Amount F (₹) (₹) Bank A/c Dr $\displaystyle 16,00,000$ To Equity Share Application A/c $\displaystyle 16,00,000$ (Application money received on $\displaystyle 3,20,000$ shares) Equity Share Application A/c Dr $\displaystyle 16,00,000$ To Equity Share Capital A/c $\displaystyle 10,00,000$ To Equity Share Allotment A/c $\displaystyle 5,00,000$ To Bank A/c $\displaystyle 1,00,000$ (Application money transferred to Equity share capital A/c, Excess money received adjusted towards allotment and money refunded on rejected applications) Equity Share Allotment A/c Dr $\displaystyle 8,00,000$ To Equity Share Capital A/c $\displaystyle 4,00,000$ To Securities Premium A/c $\displaystyle 4,00,000$ (Amount due on allotment) Bank A/c Dr $\displaystyle 2,85,000$ Calls in Arrears A/c Dr $\displaystyle 15,000$ To Equity Share Allotment A/c $\displaystyle 3,00,000$ (Allotment money received except that on $\displaystyle 10,000$ shares) Alternatively Bank A/c Dr $\displaystyle 2,85,000$ To Equity Share Allotment A/c $\displaystyle 2,85,000$ (Allotment money received except that on $\displaystyle 10,000$ shares) Equity Share First and final Call A/cDr $\displaystyle 6,00,000$ To Equity Share Capital A/c $\displaystyle 6,00,000$ (Amount due on $\displaystyle 2,00,000$ shares on First Call) Bank A/c Dr $\displaystyle 5,70,000$ Calls in Arrears A/c Dr $\displaystyle 30,000$ To Equity Share first and final call $\displaystyle 6,00,000$ A/c (Amount received on First Call) Alternatively Bank A/c Dr $\displaystyle 5,70,000$ To Equity Share first and final call $\displaystyle 5,70,000$ A/c (Amount received on First Call) Equity Share Capital A/c Dr $\displaystyle 1,00,000$ Securities Premium A/c Dr $\displaystyle 15,000$ To Calls in Arrears A/c $\displaystyle 45,000$ To Forfeited Shares A/c $\displaystyle 70,000$ (Forfeiture of $\displaystyle 10,000$ shares for non payment of allotment and call money) Alternatively Equity Share Capital A/c Dr $\displaystyle 1,00,000$ Securities Premium A/c Dr $\displaystyle 15,000$ To Share Allotment A/c $\displaystyle 15,000$ To Share first & final call A/c $\displaystyle 30,000$ To Forfeited Shares A/c $\displaystyle 70,000$ (Forfeiture of $\displaystyle 10,000$ shares for non payment of allotment and call money) Or Q. (b) Chand Ltd. invited………………………………. Ans. Books of Chand Ltd. Journal L.F Debit Credit Date Particulars Amount Amount (₹) (₹) Bank A/c Dr $\displaystyle 7,20,000$ To Equity Share Application A/c $\displaystyle 7,20,000$ (Application money received on $\displaystyle 1,80,000$ shares) Equity Share Application A/c Dr $\displaystyle 7,20,000$ To Equity Share Capital A/c $\displaystyle 2,00,000$ To Securities Premium A/c $\displaystyle 2,00,000$ To Equity Share Allotment A/c $\displaystyle 2,00,000$ To Bank A/c $\displaystyle 1,20,000$ (Application money transferred to Equity share capital A/c, Securities Premium A/c & Excess money received adjusted towards allotment and money refunded on rejected applications) Equity Share Allotment A/c Dr $\displaystyle 5,00,000$ To Equity Share Capital A/c $\displaystyle 5,00,000$ (Amount due on allotment) Bank A/c Dr $\displaystyle 3,00,000$ To Equity Share Allotment A/c $\displaystyle 3,00,000$ (Allotment money received ) Equity Share first & final Call A/c Dr $\displaystyle 3,00,000$ To Equity Share Capital A/c $\displaystyle 3,00,000$ (Money due on First and Final Call) Bank A/c Dr $\displaystyle 2,85,000$ Calls in Arrears A/c Dr $\displaystyle 15,000$ To Equity Share first & final call A/c $\displaystyle 3,00,000$ (First and final call money received except that on $\displaystyle 5,000$ shares Alternatively Bank A/c Dr $\displaystyle 2,85,000$ To Equity Share first & final call A/c $\displaystyle 2,85,000$ (First and final call money received except that on $\displaystyle 5,000$ shares) ________________________________ Equity Share Capital A/c Dr $\displaystyle 50,000$ To Calls in Arrears A/c $\displaystyle 15,000$ To Forfeited Shares A/c (Forfeiture of $\displaystyle 5,000$ shares for non $\displaystyle 35,000$ payment of first and final call ) Alternatively Equity Share Capital A/c Dr $\displaystyle 50,000$ To Equity Share first & final call A/c $\displaystyle 15,000$ To Forfeited Shares A/c $\displaystyle 35,000$ (Forfeiture of $\displaystyle 5,000$ shares for non payment of first and final call )