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Accounting of Shares Forfeited

>> May 31, 2008

What is in Corporate Accounting .
Do you know what is in corporate accounting . Corporate means any joint stock company which is registered with Indian company act or any other countries company law and accounting is making and maintaining the accounts . So Simply corporate accounting is maintaining the accounts of any company which is registered under Company law of any country. So , these accounts are related to govt. or private companies .This companies also classified in Indian Companies and foreign companies . In Company , accounting activity starts when application money is received by company accountant . So this is the duty of company accountant that these money must be enter in computer voucher entries . Some time it can be refund then it can be enter in memorandum voucher of tally 7.2 or 9 .
Some time if application are received from demanded number then pro rata basis we can record . It means any person who apply for 20000 shares and we give only 10000 shares then we adjust his 20000 share application money with allotment time and call money . For this some share holder get full allotment , some gets only some part and some get nothing shares . If any shareholder get nothing shares then it is the duty of company accountant to refund his application money.
Forfeited shares .
It is also difficult accounting treatment . Because its only voucher or journal entry is difficult . So you must learn this .

Share Capital Account Debit with call money
Share Allotment account debit with money not received
Share calls account debit with money not received
Share forfeited account Credit with received money.

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