0 votes
in Accounts by (59.5k points)

Journalise the following transactions in the books Bhushan Oil Ltd: 

(a) 200 shares of Rs. 100 each issued at a discount of Rs. 10 were forfeited for the nonpayment of allotment money of Rs. 50 per share. The first and final call of Rs. 20 per share on these shares were not made. The forfeited shares were reissued at Rs.70 per share as fully paid-up. 

(b) 150 shares of Rs.10 each issued at a premium of Rs. 4 per share payable with allotment. were forfeited for non-payment of allotment money of Rs. 8 per share including premium. The first and final calls of Rs. 4 per share were not made. The forfeited shares were reissued at Rs. 15 per share fully paid-up. 

(c) 400 shares of Rs 50 each issued at par were forfeited for non-payment of final call of Rs.10 per share. These shares were reissued at Rs. 45 per share fully paid-up.

1 Answer

+1 vote
by (64.3k points)
selected by
Best answer

Case (a)

Case (b)Case (c)

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.