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Question no 41 Chapter 1- Class 12 Part 2 Unimax
(a) A holds 100 shares of ₹ 10 each, on which he has paid only ₹ 2.50 per shares as application money
(b) B, who holds 200 shares of ₹ 10 each, has paid ₹ 2.50 paid ₹ 2 per share as application and allotment money respectively.
(c) C holds 300 shares of ₹ 10 each and has paid ₹ 2,50 per share on application, 2 per share on allotment and ₹ 3 per share on first call.
They failed to pay their arrears and the final call. Therefore, the forfeited their shares. These shares were subsequently reissued for cash at a discount of 10 per cent. Record journal entries in the books of the company to give effect to the above.
The solution of Question no 41 Chapter 1- Class 12 Part 2 Unimax: –
Journal
Books of of Sakshi
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 1,500 | |||
| To Shares Application A/c | 1,500 | ||||
| (Being application money received on 600 shares @ ₹ 2.50 per share) | |||||
| Shares Application A/c | Dr. | 1,500 | |||
| To Share capital A/c | 1,500 | ||||
| (Being application money transfer to share capital a/c) | |||||
| Share Allotment A/c | Dr. | 1,200 | |||
| To Shares capital A/c | 1,200 | ||||
| (Being allotment money due on 600 shares @ ₹ 2 per share) | |||||
| Bank A/c | Dr. | 1,000 | |||
| Calls in arrear A/c | Dr. | 200 | |||
| To Share Allotment A/c | 1,200 | ||||
| (Being receipt of allotment money on 500 shares @ ₹ 2 per share) | |||||
| Shares first call A/c | Dr. | 1,800 | |||
| To Share capital A/c | 1,800 | ||||
| (Being first call money due on 600 shares @ ₹ 3 per share) | |||||
| Bank A/c | Dr. | 900 | |||
| Calls in arrears A/c | Dr. | 900 | |||
| To Share first call A/c | 1,800 | ||||
| (Being first call money received on 300 shares @ ₹ 3 per share) | |||||
| Share second and final call A/c | Dr. | 1,500 | |||
| To share capital A/c | 1,500 | ||||
| (Being 2nd and final call money due on 600 share @ ₹ 2.50 per share) | |||||
| Calls in Arrear A/c | Dr. | 1,500 | |||
| To Share second and final Call A/c | 1,500 | ||||
| (Being shares second and final call money did not received on 600 shares @ ₹ 2.50 per shares so calls in arrear opened) | |||||
| (A) | Share capital A/c | Dr. | 1,000 | ||
| To share forfeited A/c | 250 | ||||
| To Calls in arrear A/c | 750 | ||||
| (Being 100 shares of A forfeited due to non- payment of calls) | |||||
| (B) | Share capital A/c | Dr. | 2,000 | ||
| To share forfeited A/c | 900 | ||||
| To Calls in arrear A/c | 1,100 | ||||
| (Being 200 shares of B forfeited due to non- payment of calls) | |||||
| (c) | Share capital A/c | Dr. | 3,000 | ||
| To share forfeited A/c | 2,250 | ||||
| To Calls in arrear A/c | 750 | ||||
| (Being 300 shares of C forfeited due to non- payment of calls) | |||||
| Bank A/c | Dr. | 5,400 | |||
| Shares forfeited A/c | Dr. | 600 | |||
| To share capital A/c | 6,000 | ||||
| (Being 600 forfeited shares reissued at 10% discount) | |||||
| Share forfeited A/c | Dr. | 2,800 | |||
| To Capital reserve A/c | 2,800 | ||||
| (Being the profit on 600 forfeited shares transferred to capital reserve A/c) | |||||
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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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.
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