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Question No 50 Chapter 1 – Unimax Class 12 Part 2 – 2021
Anant Ltd. issued 70,000 shares of ₹ 10 each at premium of 20% payable as follows:
On application ₹ 5 (including premium); On allotment ₹ 3; and On first and final call ₹ 4.
The company received application for 90,000 shares and allotment was made as follows:
List 1 application for 50,000 shares were allotted in full.
List 2 application for 25,000 shares were allotted Nil shares.
A shareholder to whom 200 shares were allotted under list I paid full amount due on shares along with allotment money. Another shareholder holding 600 shares were subsequently reissued as fully paid @11 per share.
Expenses of issued on come to ₹ 20,000 which were fully written off against off against securities premium A/c.
Pass journal entries in the books of the company.
The solution of Question no 50 Chapter 1- Class 12 Part 2 Unimax: –
Journal
Books of of Sakshi
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 4,50,000 | |||
| To share application A/c | 4,50,000 | ||||
| (Being application money received on 90,000 shares) | |||||
| Share application A/c | Dr. | 4,50,000 | |||
| To share capital A/c | 2,10,000 | ||||
| To security premium reserve A/c | 1,40,000 | ||||
| To share allotment A/c | 25,000 | ||||
| To Bank A/c | 75,000 | ||||
| (Being application money transferred) | |||||
| Shares allotment A/c | Dr. | 2,10,000 | |||
| To shares capital A/c | 2,10,000 | ||||
| (Being allotment due on 70,000 shares @ ₹ 3 per share) | |||||
| Bank A/c | Dr. | 1,85,800 | |||
| To shares allotment A/c | 1,85,800 | ||||
| To calls in advance A/c | 800 | ||||
| (Being allotment money received 70,000 shares @ ₹ 3) | |||||
| Shares first & final call A/c | Dr. | 2,80,000 | |||
| To share capital A/c | 2,80,000 | ||||
| (Being first & final call due on 70,000 shares @ ₹ 4 per share) | |||||
| Bank A/c | Dr. | 2,77,600 | |||
| Calls in advance A/c | Dr. | 800 | |||
| To shares first & final call A/c | 2,78,400 | ||||
| (Being first & final call except on 600 shares @ ₹ 4) | |||||
| Share capital A/c | Dr. | 6,000 | |||
| To shares capital A/c | 2,400 | ||||
| To forfeited shares A/c | 3,600 | ||||
| (Being forfeited of 600 shares for non-payment of first & final call) | |||||
| Bank A/c | Dr. | 5,500 | |||
| To share capital A/c | 5,500 | ||||
| To securities premium reserve A/c | 500 | ||||
| (Being reissued of 500 shares @ ₹ 11 per share) | |||||
| Shares forfeited A/c | Dr. | 3,000 | |||
| To capital reserve A/c | 3,000 | ||||
| (Being profit on 500 reissued shares transferred to capital reserve) | |||||
| Share issued expenses A/c | Dr. | 20,000 | |||
| To bank A/c | 20,000 | ||||
| (Being expenses incurred on issued of shares) | |||||
| Securities premium reserve A/c | Dr. | 20,000 | |||
| To shares issued expenses A/c | 20,000 | ||||
| (Being shares issued expenses written off against securities premium reserve) | |||||
| Profit on 600 shares | = ₹ 3600 |
| Hence, profit on 500 shares | =3,600/600 x 500 = 3,000 |
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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