S

Statement of Liabili
Creditors outstanding on the date of such
P Q
transfer
Date Rs. Rs. Rs. Rs.
July 20, 2020 40,000 40,000 12,000 15,000
September 15, 2020 73,600 33,600 * 18,000
November 14, 2020 84,000 10,400 * *
February 9, 2021 88,000 4,000 * *
Total (a) 12,000 33,000
No.of Shares held 9600 12,000
Maximum Liability on Shares held (b) 38,400 48,000
Amount Paid - Lower of (a) or (b) 12,000 33,000
Wor
A has transferred his shares prior to financial year prec

The amount of ₹40,000 on July 20,2020 will be contributed

P's share=40,000/40*12=12,000, Q's share= 40,00

Step 1

The further amount of ₹33,600 will be contribu

Q's share= 33,600/28*15=18,000

Step 2

The further amount of ₹10,400 will be contr

R's share= 10,4

Step 3

The furthe
 Since, S's total liability will be ₹19,00
The loss of ₹3
Therefore, ₹16,000-₹15,000= ₹1000

Step 4
 Solution
Statement of Liability of B List Contributories
R S
Rs. Rs.
8000 5000
9600 6000
6400 4000
* 4,000
24,000 19,000
6400 4000
25,600 16,000
24,000 16,000
Working Notes
r to financial year preceeding the date of winding up. Thus, A will not pay anything

20 will be contributed by P, Q, R and S in the ratio of no. of shares held by them i.e., 9600:12,000:64
12:15:8:5
000, Q's share= 40,000/40*15= 15,000, R's share= 40,000/40*8=8000, S's share=40,000/40*5=50

3,600 will be contributed by Q, R and S in the ratio of 15:8:5 as per the no. of shares held by them
33,600/28*15=18,000, R's share= 33,600/28*8= 9600, S's share= 33,600/28*5=6000

₹10,400 will be contributed by R and S in the ratio of 8:5 as per the no. of shares held by them
R's share= 10,400/13*8= 6400, S's share= 10,400/13*5=4000

The further amount of ₹4000 will only be borne by S

 liability will be ₹19,000 but he will be called upon to pay ₹16,000 only (4000*4= ₹16,000)
The loss of ₹3000 will have to be suffered by the creditors
000-₹15,000= ₹1000 will be paid by S for the amount due to creditors on February 9, 2021
ution
of B List Contributories

Amount to be paid to creditors

Rs.
40,000
33,600
10,400
1000
*
*
*
85,000
ng Notes
eding the date of winding up. Thus, A will not pay anything

y P, Q, R and S in the ratio of no. of shares held by them i.e., 9600:12,000:6400:4000 or

12:15:8:5
/40*15= 15,000, R's share= 40,000/40*8=8000, S's share=40,000/40*5=5000

d by Q, R and S in the ratio of 15:8:5 as per the no. of shares held by them
R's share= 33,600/28*8= 9600, S's share= 33,600/28*5=6000

uted by R and S in the ratio of 8:5 as per the no. of shares held by them
/13*8= 6400, S's share= 10,400/13*5=4000

amount of ₹4000 will only be borne by S

 but he will be called upon to pay ₹16,000 only (4000*4= ₹16,000)
00 will have to be suffered by the creditors
ll be paid by S for the amount due to creditors on February 9, 2021
 In the Books of ABC Lt
JOURNAL
Date
 In the Books of ABC Ltd.
JOURNAL
Particulars
Bank a/c Dr.
To Equity share application a/c
(being application money received on 1,20,000 share @ 10/- per share)

Equity share application a/c Dr.

To Share capital a/c

( being application money on 1,20,000@10/- per share to share capital)

Equity share allotment a/c Dr.

To Share capital a/c

(being allotment money on 1,20,000@10/- made due)

Bank a/c Dr.

Calls in arrears a/c Dr.
To Equity share allotment a/c
( being application money recieved on 1,17,600 shares @ 10/- per share)

Equity share 1st call a/c Dr.

To Share capital a/c
( being share 1st call made due on 1,20,000 shares @ 15/- per share)

Bank a/c Dr.

Calls in arrears a/c Dr.
To Equity share 1st call a/c
( being share 1st call money received on 1,15,920 shares @ 15/- per share)

Equity share 2nd call a/c Dr.

To Share capital a/c
( being share 2nd call made due on 1,20,000 shares @ 15/- per share)

Bank a/c Dr.

Calls in arrears a/c Dr.
To equity share 2nd call a/c
( being share 2nd call money received on 1,15,560 shares @ 15/- per share)

Share capital a/c Dr.

To Calls in arrears a/c
To Share forfeiture a/c
( being 4,440 shares forfeited on non-payment on allotment and both calls)
L.F. Amount (Dr.) Amount (Cr.)
1,200,000
1,200,000

1,200,000
1,200,000

1,200,000
1,200,000

1,176,000
24,000
1200000

1,800,000
1800000

1,738,800
61,200
1800000

1,800,000
1800000
1,733,400
66,600
1,800,000

222,000
151,800
70,200
 STATEMENT SHOWING AMOUNT
Share Application Rs.
Name of Allotte No. of Shares Due Received Arrear
David 1800 18,000 18,000 NIL
Samara 1200 12,000 12,000 NIL
Jake 1080 10,800 10,800 NIL
Fred 300 3,000 3000 NIL
Kerry 180 1,800 1800 NIL
HOWING AMOUNT RECEIVED AND CALLS-IN-ARREARS ON FORFEITED SHARES
Share Allotment Rs. Share First Call Rs.
Due Received Arrear Due Recieved Arrear
18,000 NIL 18,000 27,000 NIL 27,000
12,000 6,000 6000 18,000 NIL 18,000
10,800 10,800 NIL 16,200 NIL 16,200
3000 3000 NIL 4,500 4500 NIL
1800 1800 NIL 2,700 2700 NIL
 Share Second & Final Call Rs.
Due Received Arrear
27,000 NIL 27,000
18,000 NIL 18,000
16,200 NIL 16,200
4500 NIL 4500
2700 1,800 900