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Question no 53 Chapter 1- Class 12 Part 2 Unimax
Pal Exports Ltd. with a shares capital of ₹ 1,00,000 divided into 2,000 shares of ₹ 50 each offers the shares to the public as under:
₹ 10 per share payable on application ; ₹ 10 per share payable on allotment ; ₹ 15 per share payable on first call ; and ₹ 15 per share payable on second call.
Shareholder ‘A’ who holds 30 shares has paid only the application money.
Shareholder ‘B’ who holder 20 shares has paid application money on 20 shares and allotment money on only 10 shares. He had paid any other calls.
Shareholder ‘C’ who holds 18 shares the paid only the application and allotment money.
Shareholder ‘D’ who holds 5 shares has paid application, allotment and first call money.
Shareholder ‘D’ who holds 3 shares has paid application, allotment and first call money in full and second call money on only 2 shares.
The company forfeited the shares of the above shareholder who have not paid the arrears.
Journalese the above transaction including entries relating to bank in the books of Paliwal exports Ltd.
The solution of Question no 53 Chapter 1- Class 12 Part 2 Unimax: –
Journal
Books of of Sakshi
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 20,000 | |||
| To Shares Application A/c | 20,000 | ||||
| (Being application money received on 2000 equity shares @ ₹ 10 per shares) | |||||
| Shares Application A/c | Dr. | 20,000 | |||
| To Share capital A/c | 20,000 | ||||
| (Being application money transferred to shares capital a/c) | |||||
| Share Allotment A/c | Dr. | 20,000 | |||
| To Shares capital A/c | 20,000 | ||||
| (Being allotment money due on 2000 equity @ ₹ 10 per shares) | |||||
| Bank A/c | Dr. | 19,600 | |||
| Calls in arrear A/c | Dr. | 400 | |||
| To Share Allotment A/c | 20,000 | ||||
| (Being allotment money received on 1960 equity shares @ ₹ 10 PR share) | |||||
| Shares first call A/c | Dr. | 30,000 | |||
| To Share capital A/c | 30,000 | ||||
| (Being first call due on 1960 shares @ ₹ 15 per share) | |||||
| Bank A/c | Dr. | 28,980 | |||
| Calls in arrears A/c | Dr. | 1020 | |||
| To Share first call A/c | 30,000 | ||||
| (Being first call received on 1960 shares @ ₹ 10 per share) | |||||
| Share second and final call A/c | Dr. | 30,000 | |||
| To share capital A/c | 30,000 | ||||
| (Being second & final call money due on 2000 shares @ ₹ 15 per share) | |||||
| Bank A/c | Dr. | 28,890 | |||
| Calls in Arrear A/c | Dr. | 1110 | |||
| To shares 2nd & final call A/c | 30,000 | ||||
| (Being second & final call money received on 1926 shares @ ₹ 15 per share) | |||||
| (A) | Share capital A/c | Dr. | 1,500 | ||
| To share forfeited A/c | 300 | ||||
| To Calls in arrear A/c | 1,200 | ||||
| (Being 30 share of A forfeited due to non-payment of calls) | |||||
| (B) | Share capital A/c | Dr. | 1,000 | ||
| To Forfeited shares A/c | 300 | ||||
| To Calls in arrear A/c | 700 | ||||
| (Being shares of B, forfeited due to non-payment of calls) | |||||
| (c) | Share capital A/c | Dr. | 900 | ||
| To Forfeited shares A/c | 360 | ||||
| To Calls in arrear A/c | 540 | ||||
| (Being 18 shares of C forfeited due to non-payment of calls) | |||||
| (D) | Share capital A/c | Dr. | 250 | ||
| To Forfeited shares A/c | 175 | ||||
| To calls in arrears A/c | 75 | ||||
| (Being 5 shares of D’s forfeited due to non-payment of calls) | |||||
| (E) | Share capital A/c | Dr. | 150 | ||
| To Forfeited shares A/c | 135 | ||||
| To calls in arrears A/c | 15 | ||||
| (Being 3 shares forfeited due to non-payment of calls) | |||||
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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