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Question no 56 Chapter 1- Class 12 Part 2 Unimax

Question no 56 Chapter 1- Class 12 Part 2 Unimax

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Question no 56 Chapter 1- Class 12 Part 2 Unimax

TAXMECO Limited has issued capital of 2,00,000 equity shares of ₹ 20 each, on which ₹ 17.50 per share has been called up.
Calls In arrears in respect of 200 shares held by P amounted to ₹ 1,000 on September 30, 2022.
Record journal entries in the books of TAXMECO Limited to record the above.

The solution of Question no 56 Chapter 1- Class 12 Part 2 Unimax: –

Journal
 Books of M/s BHAWANA LTD.

Date  Particulars
L.F.DebitCredit
 Equity shares capital A/cDr. 3,500 
 To call in arrears A/c   1,000
 To share forfeited A/c   2,500
 (Being 200 shares forfeited due to non-payment of calls)    
 Bank A/cDr. 2,500 
 Share forfeited A/cDr.  1,000 
 To Equity Share Capital A/c  3,500
 (Being 200 shares reissued)    
 Shares forfeited A/cDr. 1,500 
 To capital reserve A/c  1,500
 (Being profit on 200 forfeited shares transferred to capital reserve A/c)   

Working Note:

Amount forfeited on 200 shares= ₹ 2500
Less: Discount allowed on reissued shares= ₹ 1000
Balance credited to capital reserve A/c= ₹ 1500

End of Solution


Check Out the Solution of all questions for this chapter:

The solution to all questions of Chapter No. 1 – Company Accounts (Share Capital) Class 12 Unimax is shown as follows, click on the image of the question to get the solution.

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1. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 1 Class 12 by Unimax

UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy Part 1 in Class 12. With their meticulously curated study material, students can access comprehensive solutions to all the questions in each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 12 examinations.

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Punjab School Education Board (PSEB) Solutions of Usha Publication.

If you’re a student enrolled in the Punjab School Education Board Class 12, exploring a wide range of books to cover the syllabus thoroughly is essential. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to various writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.

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