Advertisement
Question no 76 Chapter 1- Class 12 Part 2 Unimax
A Limited Company invites applications for 50,000 equity shares of ₹ 10 each payable as follows:
| On application | ₹ 3 per share |
| On allotment | ₹ 4 per share |
| On first | ₹ 2 per share |
| On final call | Balance |
Application were received for 55,000 shares. Allotments were made on the following basis:
(1) To applicants for 35,000 shares in full.
(2) To applicants for 20,000 shares 15,000 shares.
Excess money paid on application was utilized towards allotment money.
A shareholder who was allotted 1,500 shares out of the group applying for 20,000 shares failed to pay allotment money and money due on calls. These shares were forfeited 1,000 forfeited shares were reissued as fully paid on receipt of ₹ 8 per share.
Show the journal entries in the books of company.
The solution of Question no 76 Chapter 1- Class 12 Part 2 Unimax: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 1,65,000 | |||
| To Equity share application A/c | 1,65,000 | ||||
| (Being equity share application money received on 55,000 @ ₹ 3 per share) | |||||
| Equity shares application A/c | Dr. | 1,65,000 | |||
| To Equity shares capital A/c | 1,50,000 | ||||
| To Equity share allotment A/c | 15,000 | ||||
| (Being application money transferred to share capital & transferred to share allotment) | |||||
| Equity share allotment A/c | Dr. | 2,00,000 | |||
| To Equity shares capital A/c | 2,00,000 | ||||
| (Being share allotment money due on 50,000 shares @ ₹ 4 per share) | |||||
| Bank A/c | Dr. | 1,80,500 | |||
| To Equity share allotment A/c | 1,80,500 | ||||
| (Being share allotment money received) | |||||
| Equity share first call A/c | Dr. | 1,00,000 | |||
| To Equity shares capital A/c | 1,00,000 | ||||
| (Being equity share first call money due on 50,000 shares @ ₹ 2 per shares) | |||||
| Bank A/c | Dr. | 97,000 | |||
| To Equity shares first call A/c | 97,000 | ||||
| (Being shares first call money received) | |||||
| Equity share second and final call A/c | Dr. | 50,000 | |||
| To Equity shares capital A/c | 50,000 | ||||
| (Being equity shares final call money due on 50,000 @ ₹ 1 per share) | |||||
| Bank A/c | Dr. | 48,500 | |||
| To Equity share second & final call A/c | 48,500 | ||||
| (Being shares final call money received) | |||||
| Share capital A/c | Dr. | 15,000 | |||
| To Equity share allotment A/c | 4500 | ||||
| To Equity share first call A/c | 3000 | ||||
| To Equity share forfeited A/c | 6000 | ||||
| To Equity share 2nd & final call A/c | 1500 | ||||
| (Being 1,600 shares forfeited @ ₹ 10 reserve share) | |||||
| Bank A/c | Dr. | 8,000 | |||
| Share forfeited A/c | Dr. | 2,000 | |||
| To Equity share capital A/c | 10,000 | ||||
| (Being 1,000 shares reissued) | |||||
| Share forfeited A/c | Dr. | 2,000 | |||
| To capital reserve A/c | 2,000 | ||||
| (Being share forfeited a/s transferred to capital reserve) | |||||
Working Note:
| Shares applied | Shares allotted | |
| Lot 1 | 35,000 | 35,000 |
| Lot 2 | 20,000 | 15,000 |
| 55,000 | 50,000 |
1 Table showing adjustment of excess amount received on application.
| Lot 1 | Lot 2 | total | |
| No. of shares applied | 35000 | 20000 | 55000 |
| Less: no. of shares allotted | 35000 | 15000 | 50000 |
| Over subscription | Nil | 5000 | 5000 |
| ₹ | ₹ | ₹ | |
| Excess amount received on application @ ₹ 3 each | 15,000 | 15,000 | |
| Less: amount adjusted on allotment @ ₹ 4 each | 15,000 | 15,000 | |
| Refunded to be made | Nil | Nil | Nil |
2 Calculation of unpaid amount on allotment on 1500 shares held by a shareholder.
| No. of shares applied by shareholder (1500x 20000/15000) | 2000 share |
| ₹ | |
| Amount received on application @ ₹ 3 each (2000*3) | 6000 |
| Less: actual amount on 2000 shares allotted to A (1500*3) | 4500 |
| 1500 | |
| ₹ | |
| Amount due on allotment from Shareholder (1500*4) | 6000 |
| Less: amount already received now to be adjusted | 1500 |
| Unpaid amount on 1500 shares of shareholder | 4500 |
3 Net Amount received on allotment
| ₹ | |
| Total amount due on allotment (50,000*4 | 2,00,000 |
| Less: amount already adjusted an allotment | 15,000 |
| 180,500 | |
| Less: paid amount received on allotment | 4500 |
| Net amount received on allotment | 1,80,500 |
4 Calculation of amount to be transferred to Capital Reserve
| ₹ | ||
| Total amount forfeited on 1500 shares = 6000 | ||
| Amount forfeited on 1000 shares = 6000*1000/1500 | 4000 | |
| Less: discount allowed on reissued of 1000 share | 2000 | |
| Profit transferred to capital reserve | 2000 |
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.
Question No 1 Chapter 1 – Unimax Class 12 Part 2 – 2021
Advertisement
Question no 13 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 29 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 41 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 53 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 65 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 77 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Check out all books for PSEB
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.
- Chapter No. 1 – Accounts of Non-Profit Organisations
- 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)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- 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.
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.
Advertisement