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Question No 49 Chapter 1 – Unimax Class 12 Part 2 – 2021
C Ltd. invited application for 20,000 equity shares of ₹ 10 each payable as under:
| On application | ₹ 2 per share |
| On allotment | ₹ 2 per share |
| On first call | ₹ 3 per share |
| On final call | ₹ 3 per share |
The entries issued was subscribed for and paid with the following exceptions:
(1) P, who was allotted 200 shares, failed to pay the money due on allotment and calls.
(2) Q, who held 150 shares did not pay the first call and second call.
(3) R, who held 50 shares, did not pay the amount on second call.
The Board of directors passed a resolution forfeited all the shares of P, Q and R. These shares were subsequently reissued as fully paid at a discount of 20%. Give journal entries to record these transactions in the books of C Ltd.
The solution of Question no 49 Chapter 1- Class 12 Part 2 Unimax: –
Journal
Books of of Sakshi
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 40,000 | |||
| To equity share application A/c | 40,000 | ||||
| (Being application money received on 20000 equity shares @ ₹ 2 per shares) | |||||
| Equity share application A/c | Dr. | 40,000 | |||
| To equity share capital A/c | 40,000 | ||||
| (Being application money transferred to shares capital a/c) | |||||
| Equity shares allotment A/c | Dr. | 40,000 | |||
| To equity shares capital A/c | 40,000 | ||||
| (Being allotment money due on 20000 equity @ ₹ 2 per shares) | |||||
| Bank A/c | Dr. | 39,600 | |||
| Calls in arrears A/c | Dr. | 400 | |||
| To equity shares capital A/c | 40,000 | ||||
| (Being allotment money received on 19800 equity shares @ ₹ 2 PR share) | |||||
| Equity shares first call A/c | Dr. | 60,000 | |||
| To equity share capital A/c | 60,000 | ||||
| (Being first call due on 20000 equity shares @ ₹ 3 per share) | |||||
| Bank A/c | Dr. | 58,950 | |||
| Calls in arrears A/c | Dr. | 1050 | |||
| To equity shares first call A/c | 60,000 | ||||
| (Being first call received on 19650 equity shares @ ₹ 3 per share) | |||||
| Equity shares seconds final call A/c | Dr. | 60,000 | |||
| To equity shares capital A/c | 60,000 | ||||
| (Being second & final call money received on 19600 equity shares @ ₹ 3 per share) | |||||
| Bank A/c | Dr. | 58,800 | |||
| Calls in arrear A/c | Dr. | 1200 | |||
| To equity shares 2nd & final call A/c | 58,800 | ||||
| (Being second & final call money received on 19600 equity shares @ ₹ 3 per share) | |||||
| Equity share capital A/c | Dr. | 2,000 | |||
| To shares forfeited A/c | 400 | ||||
| To calls in arrears A/c | 1,600 | ||||
| (Being 200equity share of P forfeited due to non-payment of calls) | |||||
| Equity share capital A/c | Dr. | 1,500 | |||
| To Forfeited shares A/c | 600 | ||||
| To calls in arrears A/c | 900 | ||||
| (Being 150 shares of Q, forfeited due to non-payment of calls) | |||||
| Equity shares capital A/c | Dr. | 500 | |||
| To shares forfeited A/c | 350 | ||||
| To calls in arrears A/c | 150 | ||||
| (Being 50equity shares of R forfeited due to non-payment of calls) | |||||
| Bank A/c | Dr. | 3,200 | |||
| Shares forfeited A/c | Dr. | 800 | |||
| To equity share capital A/c | 4,000 | ||||
| (Being 400 equity shares reissued as fully paid at a discount of 20%) | |||||
| Share forfeited A/c | Dr. | 550 | |||
| To capital reserve A/c | 550 | ||||
| (Being the profit on 400 equity shares transferred to capital reserve a/c) | |||||
Working Note:
1. Calculate of Amount Transferred to Capital Reserve
| Amount forfeited on 400 equity shares | = ₹ 1350 |
| Less: Discount allowed on reissued shares | = 800 |
| Balance credited to capital reserve A/c | = ₹ 550 |
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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