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Question no 73 Chapter 1- Class 12 Part 2 Unimax
Gupta Ltd. issued 30,000 shares of ₹ 10 each at ₹ 4 premium.
On application ₹ 4 (including premium) On allotment ₹ 3 (including 1 premium) On first call₹ 4 (including 1 premium) On second & final call ₹ 3 (including 1 premium)
Application were received 40,000 shares and pro-rata allotment was made on the application for 35,000 shares. It was decided to utilizes excess application money towards the sums due on allotment. Sandeep to whom 600 shares were allotted, failed to pay the allotment money and his shares were forfeited after allotment. Mandeep who applied for Rajvir who was allotted 300 shares did not pay final call.
Of the shares forfeited 1,100 shares were reissued as fully paid up for ₹ 9 per shares, the whole of Mandeep shares being included. Pass necessary journal entries.
The solution of Question no 73 Chapter 1- Class 12 Part 2 Unimax: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Shares Application A/c | Dr. | 1,40,000 | |||
| To Share capital A/c | 90,000 | ||||
| To Share allotment A/c | 20,000 | ||||
| To Securities premium reserve A/c | 30,000 | ||||
| (Being share application money transferred) | |||||
| Share Allotment A/c | Dr. | 90,000 | |||
| To Shares capital A/c | 60,000 | ||||
| To Securities premium reserve A/c | 30,000 | ||||
| (Being allotment money due on 30,000 shares) | |||||
| Share capital A/c | Dr. | 3,000 | |||
| Securities premium reserve A/c | Dr. | 600 | |||
| To Share Allotment A/c | 1,400 | ||||
| To Share forfeited A/c | 2,200 | ||||
| (Being forfeited of 600 shares of Sandeep for non-payment of allotment money) | |||||
| Shares first call A/c | Dr. | 1,17,600 | |||
| To Share capital A/c | 88,200 | ||||
| To Securities premium reserve A/c | 29,400 | ||||
| (Being first call money due on 29,400 shares) | |||||
| Shares second & final A/c | Dr. | 88,200 | |||
| To Share capital A/c | 58,800 | ||||
| To Securities premium reserve A/c | 29,400 | ||||
| (Being second & final call due on 29,400 shares) | |||||
| Share capital A/c | Dr. | 9,000 | |||
| Securities premium reserve A/c | Dr. | 1,800 | |||
| To Share first call A/c | 3,600 | ||||
| To Share second & final call A/c | 2,700 | ||||
| To Share forfeited A/c | 4,500 | ||||
| (Being forfeited of 900 share of Mandeep for non-payment of calls) | |||||
| Share forfeited A/c | Dr. | 1,100 | |||
| To Share capital A/c | 1,100 | ||||
| (Being loss of ₹ 1 per share on the reissued of 1,100 shares) | |||||
| Share forfeited A/c | Dr. | 4,133 | |||
| To Capital reserve A/c | 4,133 | ||||
| (Being profit on 1100 reissued shares transferred to capital reserve A/c) | |||||
| Date | Particulars | Amount | Date | Particulars | Amount |
| To share application A/c | 1,60,000 | By Share application A/c | 20,000 | ||
| To share allotment A/c | 68,600 | By Balance c/d | 4,17,100 | ||
| To share first call A/c | 1,14,000 | ||||
| To share 2nd & final call A/c | 84,600 | ||||
| To share capital A/c | 9,900 | ||||
| 4,37,100 | 4,37,100 |
Working Note:
1. (a) Excess amount received from Sandeep on application Sandeep has been allotted 600 shares
Therefore, he must have applied for 600*35000/30,000 = 700 shares.
Excess application money received from Sandeep 700 shares – 600 shares = 100*4 = 400
| Amount due from Sandeep on allotment 600 shares *3 | 1,800 |
| Less: excess received from Sandeep on application | 400 |
| Allotment money not received from Sandeep | 1,400 |
| Total amount due on allotment 30000*3 | 90,000 |
| Less: Excess amount received on application | 20,000 |
| Balance due | 70,000 |
| Less: amount not received from Sandeep on allotment | 1,400 |
| Net amount received on allotment in cash | 68,600 |
| Mandeep applied for 1050 shares | |
| Therefore, he must have been allotted= 1,050*30,000/35,000 = 900 share | |
| He has not paid first and second call money. | |
| As such (1) first call money will be received on 29,400-900 of Mandeep = 28,500 shares | |
| 2. Second call money will be received on 29,400 shre-900share of Mandeep -300 shares of Rajvir = 28,200 share |
1,1,00 share have been reissued which include 900 shares of Mandeep and the balance 200 of Sandeep
| Profit on 200 shares of Sandeep = 200*2200/600 | 733 |
| Profit on 900 shares of Mandeep | 4,500 |
| 5,233 | |
| Less: Loss on reissued of 1,100 shares @ ₹ 1 each | 1,100 |
| 4,133 |
End of Solution
Check Out the Solution of all questions for this chapter:
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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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- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
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- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
2. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 2 Class 12 by Unimax
UnimaxSolutions.in presents an exceptional resource for students studying Advanced Accountancy Part 2 in Class 12. With their comprehensive study material, students can conveniently access extensive solutions to all the questions in each chapter. By simply selecting the desired chapter from the study material, students can effortlessly navigate through the topics and gain access to detailed explanations and step-by-step solutions to every problem presented in that particular section. Whether it involves understanding intricate accounting principles, honing calculation techniques, or analyzing complex financial statements, Unimax provides a valuable tool to support students in their learning journey. Equipped with these comprehensive solutions, students can enhance their comprehension, resolve any uncertainties, and strengthen their problem-solving abilities in Advanced Accountancy, empowering them to excel in their Class 12 examinations with confidence.
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
Punjab School Education Board (PSEB) Solutions of Usha Publication.
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