Explanation:

ANSWER

In the BOOKS of X Ltd

Journal

Particulars

Dr.

Cr.

Bank A/c Dr.

1,44,800

To SHARE APPLICATION A/c

1,44,800

(Being Application money received)

Share application A/c Dr.

1,44,800

To Share capital A/c

1,00,000

To Share allotment A/c

20,800

To Bank A/c

21,000

To Calls in advance A/c

3,000

(Being application money transferred)

OR

Share application A/c Dr.

1,44,800

To Share capital A/c

1,00,000

To Bank A/c

21,000

To Calls in advance A/c

23,800

(Being application money transferred)

Share allotment A/c Dr.

1,00,000

To Share capital A/c

1,00,000

(Being allotment money due)

Bank A/c Dr.

71,200

Calls in advance A/c Dr.

20,800

Calls in ARREARS A/c Dr.

8,000

To Share allotment A/c

1,00,000

(Being allotment money received)

Share capital A/c Dr.

20,000

To Share forfeiture A/c

12,000

To Calls in arrears A/c

8,000

(Being share forfeited)

Share Ist call A/c Dr.

1,35,000

To Share capital A/c

1,35,000

(Being AMOUNT due on first call)

Bank A/c Dr.

1,33,500

Calls in advance A/c Dr.

1,500

To Share Ist call A/c

1,35,000

(Being amount received on first call)

Share final call A/c Dr.

1,35,000

To Share capital A/c

1,35,000

(Being amount due on final call)

Bank A/c Dr.

1,33,500

Calls in advance A/c Dr.

1,500

To Share final call A/c

1,35,000

(Being amount received on final call)

Bank A/c Dr.

20,000

To Share capital A/c

20,000

(Being share reissue)

Share forfeiture A/c Dr.

12,000

To Capital reserve A/c

12,000

(Being amount transferred capital reserve)