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Question no 77 Chapter 1- Class 12 Part 2 Unimax
Bharat Ltd. invited applications for issuing 2,00,000 equity shares of ₹ 10 each. The amount was payable as follows:
| On application | ₹ 3 per share |
| On allotment | ₹ 5 per share |
| On first & final call | ₹ 2 per share |
Application for 3,00,000 shares were received and pro-rata allotment was made to all the application on the following basis:
Application for 2,00,000 shares were allotted 1,50,000 shares on pro-rata basis.
Application for 1,00,000 shares were allotted 50,000 shares on pro-rata basis.
Bajaj, who was allotted 3,000 shares out of the group applying for 2,00,000 shares, failed to pay the allotment money. His shares were forfeited immediately after allotment.
Sharma who had applied for 2,000 shares out of the group applying for 1,00,000 shares failed to pay the first and final call. His shares were also forfeited.
Out of the forfeited shares 3,500 shares were reissued as fully paid up @ ₹ 8 per shares. The reissued shares included all the forfeited shares of Bajaj.
Pass the necessary journal entries to record the above transactions.
The solution of Question no 77 Chapter 1- Class 12 Part 2 Unimax: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 9,00,000 | |||
| To Equity share application A/c | 9,00,000 | ||||
| (Being application money received on 3,00,000 shares @ ₹ 3 each) | |||||
| Equity shares application A/c | Dr. | 9,00,000 | |||
| To Equity shares capital A/c | 6,00,000 | ||||
| To Equity share allotment A/c | 3,00,000 | ||||
| (Being application money on 2,00,000 equity share transferred to share capital a/c on 1,00,000 equity shares transferred to equity shares allotment) | |||||
| Equity share allotment A/c | Dr. | 10,00,000 | |||
| To Equity shares capital A/c | 10,00,000 | ||||
| (Being allotment money due on 20,000 equity share @ ₹ 5 per share) | |||||
| Bank A/c | Dr. | 6,88,000 | |||
| To Equity share allotment A/c | 6,88,000 | ||||
| (Being received on allotment money) | |||||
| Bajaj | Equity share capital A/c | Dr. | 24,000 | ||
| To Equity share allotment A/c | 12,000 | ||||
| To Share forfeited A/c | 12,000 | ||||
| (Being 3000 equity share forfeited due to non-payment of allotment money) | |||||
| Equity share 1st & final call A/c | Dr. | 3,94,000 | |||
| To Equity shares capital A/c | 3,94,000 | ||||
| (Being first & final call money due on 19,700 shares @ ₹ 2 per shares) | |||||
| Bank A/c | Dr. | 3,92,000 | |||
| To Equity shares 1st & final call A/c | 3,92,000 | ||||
| (Being first & final call money received on 19,700 equity shares @ ₹ 2 per share with an exception of 1,000 shares) | |||||
| Equity share capital A/c | Dr. | 10,000 | |||
| To Equity first & final call A/c | 2,000 | ||||
| To Share forfeited A/c | 8,000 | ||||
| (Being 2,000 equity shares forfeited due to non-payment of first & final call money) | |||||
| Bank A/c | Dr. | 28,000 | |||
| Share forfeited A/c | Dr. | 7,000 | |||
| To Equity share capital A/c | 35,000 | ||||
| (Being 3500 equity shares reissued @ ₹ 8 per share as fully paid up) | |||||
| Share forfeited A/c | Dr. | 9,000 | |||
| To capital reserve A/c | 9,000 | ||||
| (Being the profit on 3500 forfeited transferred to capital reserve A/c) | |||||
Working Note:
1 Table showing adjustment of excess amount received on application.
| Lot 1 | Lot 2 | total | |
| No. of shares applied | 2,00,000 | 1,00,000 | 3,00,000 |
| Less: no. of shares allotted | 1,50,000 | 50,000 | 2,00,000 |
| Over subscription | 50,000 | 50,000 | 1,00,000 |
| ₹ | ₹ | ₹ | |
| Excess amount received on application | 1,50,000 | 1,50,000 | 3,00,000 |
| Less: amount adjusted on allotment | 1,50,000 | 1,50,000 | 3,00,000 |
| Refunded to be made | Nil | Nil | Nil |
2 Calculation amount received on allotment
| No. of shares allotment to Mr. Bajaj 3000 | |
| No. of shares applied by Mr. Bajaj = 3,000*2,00,000/1,50,000 | 4000 share |
| ₹ | |
| Application money received on 4000 shared from Mr. Bajaj | 12,000 |
| Less: actual application amount on 3000 shares allotted by him (3000*3) | 9,000 |
| Excess application money adjusted towards allotment | 3,000 |
| ₹ | |
| Allotment money due from Bajaj 3000 shares (3000*5 | 15,000 |
| Less: Excess application money adjusted | 3000 |
| Amount not paid by Mr. Bajaj | 12,000 |
| ₹ | |
| Total amount due on allotment = 2,00,000*5 | 10,00,000 |
| Less: application money adjusted | 3,00,000 |
| 7,00,000 | |
| Less: amount not paid by Mr. Bajaj | 12,000 |
| Net amount received on allotment | 6,88,000 |
3 Net Amount received on first & final call
| ₹ | |
| Total amount due on first & final (197000* 2) | 3,94,000 |
| Less: amount not paid Mr. Sharma on 2000 shares (2000*2) | 4000 |
| Net amount received on first & final call | 3,90,000 |
4 Calculation of amount to be transferred to Capital Reserve
| ₹ | |
| Amount forfeited on 3000 shares Mr. Bajaj | 12,000 |
| Amount forfeited on 2000 shares of Mr. Sharma | 16,000 |
| Amount forfeited on 500 shares of Mr. Sharma = 500*16000/2000 | 4000 |
| Total amount forfeited on 3500 shares = ₹ 12000+4000 | 16,000 |
| Less discount allowed on reissued of shares | 7000 |
| Balance credited to capital reserve a/c | Dr. 9000 |
End of Solution
Check Out the Solution of all questions for this chapter:
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Question No 1 Chapter 1 – Unimax Class 12 Part 2 – 2021
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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.
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