Question no 49 Chapter 1- Class 12 Part 2 Unimax

Question No 49 Chapter 1 – Unimax Class 12 Part 2 – 2021

C Ltd. invited application for 20,000 equity shares of ₹ 10 each payable as under:

On application	₹ 2 per share
On allotment	₹ 2 per share
On first call	₹ 3 per share
On final call	₹ 3 per share

The entries issued was subscribed for and paid with the following exceptions:
(1) P, who was allotted 200 shares, failed to pay the money due on allotment and calls.
(2) Q, who held 150 shares did not pay the first call and second call.
(3) R, who held 50 shares, did not pay the amount on second call.
The Board of directors passed a resolution forfeited all the shares of P, Q and R. These shares were subsequently reissued as fully paid at a discount of 20%. Give journal entries to record these transactions in the books of C Ltd.

Table of Contents

The solution of Question no 49 Chapter 1- Class 12 Part 2 Unimax: –

Journal
Books of of Sakshi

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		40,000
	To equity share application A/c				40,000
	(Being application money received on 20000 equity shares @ ₹ 2 per shares)
	Equity share application A/c	Dr.		40,000
	To equity share capital A/c				40,000
	(Being application money transferred to shares capital a/c)
	Equity shares allotment A/c	Dr.		40,000
	To equity shares capital A/c				40,000
	(Being allotment money due on 20000 equity @ ₹ 2 per shares)
	Bank A/c	Dr.		39,600
	Calls in arrears A/c	Dr.		400
	To equity shares capital A/c				40,000
	(Being allotment money received on 19800 equity shares @ ₹ 2 PR share)
	Equity shares first call A/c	Dr.		60,000
	To equity share capital A/c				60,000
	(Being first call due on 20000 equity shares @ ₹ 3 per share)
	Bank A/c	Dr.		58,950
	Calls in arrears A/c	Dr.		1050
	To equity shares first call A/c				60,000
	(Being first call received on 19650 equity shares @ ₹ 3 per share)
	Equity shares seconds final call A/c	Dr.		60,000
	To equity shares capital A/c				60,000
	(Being second & final call money received on 19600 equity shares @ ₹ 3 per share)
	Bank A/c	Dr.		58,800
	Calls in arrear A/c	Dr.		1200
	To equity shares 2nd & final call A/c				58,800
	(Being second & final call money received on 19600 equity shares @ ₹ 3 per share)
	Equity share capital A/c	Dr.		2,000
	To shares forfeited A/c				400
	To calls in arrears A/c				1,600
	(Being 200equity share of P forfeited due to non-payment of calls)
	Equity share capital A/c	Dr.		1,500
	To Forfeited shares A/c				600
	To calls in arrears A/c				900
	(Being 150 shares of Q, forfeited due to non-payment of calls)
	Equity shares capital A/c	Dr.		500
	To shares forfeited A/c				350
	To calls in arrears A/c				150
	(Being 50equity shares of R forfeited due to non-payment of calls)
	Bank A/c	Dr.		3,200
	Shares forfeited A/c	Dr.		800
	To equity share capital A/c				4,000
	(Being 400 equity shares reissued as fully paid at a discount of 20%)
	Share forfeited A/c	Dr.		550
	To capital reserve A/c				550
	(Being the profit on 400 equity shares transferred to capital reserve a/c)

Working Note:

1. Calculate of Amount Transferred to Capital Reserve

Amount forfeited on 400 equity shares	= ₹ 1350
Less: Discount allowed on reissued shares	= 800
Balance credited to capital reserve A/c	= ₹ 550

End of Solution

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