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Question no 47 Chapter 1- Class 12 Part 2 Unimax

Question no 47 Chapter 1- Class 12 Part 2 Unimax

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Question No  47 Chapter 1 – Unimax Class 12 Part 2 – 2021

Pass journal entries in the following cases:
M limited forfeited 2,000 equity shares of ₹ 10 each, issued at a premium of ₹ 5 per shares held by ram for non-payment of the final call of ₹ 3 per shares Of these, 100 shares were reissued to VISHU at a discount of ₹ 4 per shar.

The solution of Question no 47 Chapter 1- Class 12 Part 2 Unimax: –

In the books of M/S M. Ltd.
Journal entries

Date  Particulars
L.F.DebitCredit
 Equity Shares capital A/c Dr. 20,000 
 To Shares allotment A/c    600
 To shares forfeited A/c    1,400
 (Being 2000 equity shares forfeited due to non-payment of final call money)    
 Bank A/c Dr. 600 
 Shares forfeited A/c Dr. 400 
 To Equity share capital A/c  1,000
 (Being 100 equity shares reissued at a discount of ₹ 4 PR share)    
 Shares forfeited A/cDr. 300 
 To Capital reserve A/c  300
 (Being profit on 100 forfeited equity shares transferred to capital reserve)   

Working Note:

1. Calculate of Amount Transferred to Capital Reserve

Amount forfeited on 200 equity shares= ₹ 1400
Amount forfeited on 100 equity shares= 14,00/2,000  x  100 = 700
Less: Discount allowed on reissued shares=400
Balance credited to capital reserve A/c=₹ 300

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 5 Chapter 1 – Class 12 Part 2 Unimax

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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.

2. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 2 Class 12 by Unimax

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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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