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Question No 51 Chapter 1 – Unimax Class 12 Part 2 – 2021
Sugandh a exports Ltd. invited application for 10,000 equity shares of ₹ 10 each for public subscription. The amount payable on shares is as under:
| On application | ₹ 1 per share |
| On allotment | ₹ 2 per share |
| On first call | ₹ 3 per share |
| On second call | ₹ 4 per share |
All money payable on application, allotment and calls have been duly received with the following exceptions:
A who hold 100 shares failed to pay the money on allotment and calls.
B to whom 50 shares have been allotted failed to pay the money on first and final call.
C who holds 30 shares has not paid the amount due on final call.
The shares of A, B and C were forfeited and reissued at ₹ 10 per share fully paid.
Pass journal entries in the books of Sugandh a exports Ltd. including bank transactions.
The solution of Question no 51 Chapter 1- Class 12 Part 2 Unimax: –
Journal
Books of of Sakshi
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 10,000 | |||
| To equity share application A/c | 10,000 | ||||
| (Being application money received on 10000 equity shares @ ₹ 1 per shares) | |||||
| Equity share application A/c | Dr. | 10,000 | |||
| To equity share capital A/c | 10,000 | ||||
| (Being application money transferred to shares capital a/c) | |||||
| Equity shares allotment A/c | Dr. | 20,000 | |||
| To equity shares capital A/c | 20,000 | ||||
| (Being allotment money due on 10000 equity shares @ ₹ 2 per shares) | |||||
| Bank A/c | Dr. | 19,800 | |||
| Calls in arrears A/c | Dr. | 200 | |||
| To equity shares allotment A/c | 20,000 | ||||
| (Being allotment money received on 9900 equity shares @ ₹ 2 PR share) | |||||
| Equity shares first call A/c | Dr. | 30,000 | |||
| To equity share capital A/c | 30,000 | ||||
| (Being first call due on 10000 equity shares @ ₹ 3 per share) | |||||
| Bank A/c | Dr. | 29,550 | |||
| Calls in arrears A/c | Dr. | 450 | |||
| To equity shares first call A/c | 30,000 | ||||
| (Being first call received on 9850 equity shares @ ₹ 3 per share) | |||||
| Equity shares seconds & final call A/c | Dr. | 40,000 | |||
| To equity shares capital A/c | 40,000 | ||||
| (Being second & final call due on 10000 equity shares @ ₹ 4 per share) | |||||
| Bank A/c | Dr. | 39,280 | |||
| Calls in arrear A/c | Dr. | 720 | |||
| To equity shares 2nd & final call A/c | 40,000 | ||||
| (Being second & final call money received on 9820 equity shares @ ₹ 4 per share) | |||||
| (A) | Equity share capital A/c | Dr. | 1,000 | ||
| To shares forfeited A/c | 100 | ||||
| To calls in arrears A/c | 900 | ||||
| (Being 100equity share of A forfeited due to non-payment of calls) | |||||
| (B) | Equity share capital A/c | Dr. | 500 | ||
| To Forfeited shares A/c | 150 | ||||
| To Calls in arrear A/c | 350 | ||||
| (Being 50 shares of B, forfeited due to non-payment of calls) | |||||
| (c) | Equity shares capital A/c | Dr. | 300 | ||
| To share forfeited A/c | 180 | ||||
| To Calls in arrear A/c | 120 | ||||
| (Being 30equity shares of C forfeited due to non-payment of calls) | |||||
| Bank A/c | Dr. | 1,800 | |||
| To share capital A/c | 1,800 | ||||
| (Being 180 shares reissued) | |||||
| Share forfeited A/c | Dr. | 430 | |||
| To Capital reserve A/c | 430 | ||||
| (Being the profit on 180 shares forfeited transferred to capital reserve a/c) | |||||
Working Note:
| Total Amount forfeited on 180 shares | = (100+150+180) |
| ₹ 430 | |
| Less: Discount allowed on reissued shares | = Nil |
| Balance credited to capital reserve A/c | = ₹ 430 |
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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