Advertisement
Question no 58 Chapter 1- Class 12 Part 2 Unimax
X Ltd. issued ₹ 10,000 shares of ₹ 100 each at a premium of ₹ 40 per share. Amount was payable as follows:
| On application | ₹ 20 (including premium ₹ 10 per share) |
| On allotment | ₹ 50 (including premium ₹ 30 per share) |
| On first call | ₹ 30 |
| On final call | ₹ 30 |
| On second & final call | ₹ 40 |
Applications were received for ₹ 8,000 shares and all were accepted. All money was received except:
(1) A, holding 100 shares failed to pay allotment money and his shares were forfeited after allotment.
(2) B holding 200 shares failed to pay first call money and shares were forfeited after first call.
(3) C, holding 300 shares failed to pay first and second call money and her shares were forfeited.
All the forfeited shares were reissued at a discount of 5% as fully paid-up.
Pass the necessary journal entries in the books of X Ltd.
The solution of Question no 58 Chapter 1- Class 12 Part 2 Unimax: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 1,60,000 | |||
| To Shares Application A/c | 1,60,000 | ||||
| (Being application money received) | |||||
| Share application A/c | Dr. | 1,60,000 | |||
| To share capital A/c | 80,000 | ||||
| To securities premium reserve A/c | 80,000 | ||||
| (Being application money transferred) | |||||
| Shares allotment A/c | Dr. | 4,00,000 | |||
| To shares capital A/c | 1,60,000 | ||||
| To securities premium reserve A/c | 2,40,000 | ||||
| (Being allotment money due on 8,000 shares) | |||||
| Bank A/c | Dr. | 3,95,000 | |||
| To shares allotment A/c | 3,95,000 | ||||
| (Being allotment money received on 7,900 shares) | |||||
| Shares capital A/c | Dr. | 3,000 | |||
| Securities premium reserve A/c | Dr. | 3,000 | |||
| To share allotment A/c | 5,000 | ||||
| To share forfeited A/c | 1,000 | ||||
| (Being 100 shares forfeited) | |||||
| Share first call A/c | Dr. | 2,37.000 | |||
| To shares capital A/c | 2,37.000 | ||||
| (Being first call money due) | |||||
| Bank A/c | Dr. | 2,22,000 | |||
| To share first call A/c | 2,22,000 | ||||
| (Being share first call money received on 7,400 shares) | |||||
| Share capital A/c | Dr. | 12,000 | |||
| To share first call A/c | 6,000 | ||||
| To share forfeited A/c | 6,000 | ||||
| (Being 200 shares forfeited) | |||||
| Shares second & final call A/c | Dr. | 3,08,000 | |||
| To share capital A/c | 3,08,000 | ||||
| (Being second call money due) | |||||
| Bank A/c | Dr. | 2,96,000 | |||
| To share second & final call A/c | 2,96,000 | ||||
| (Being share second call money received on 7,400 shares) | |||||
| Shares capital A/c | Dr. | 30,000 | |||
| To share first call A/c | 9,000 | ||||
| To share second & final call A/c | 12,000 | ||||
| To share forfeited A/c | 9,000 | ||||
| (Being forfeited shares reissued) | |||||
| Bank A/c | Dr. | 57,000 | |||
| Forfeiture A/c | Dr. | 3,000 | |||
| To share capital A/c | 60,000 | ||||
| (Being share reissued @ 5% discount) | |||||
| Share forfeited A/c | Dr. | 13,000 | |||
| To capital reserve A/c | 13,000 | ||||
| (Being balanced of share forfeiture transferred to capital reserve) | |||||
| ₹ | |
| Total of share forfeited account (1,000+6,000+9,000) | 16,000 |
| Less: loss on reissue | 3,000 |
| Amount transferred to capital reserve | 13000 |
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
Advertisement
Question no 17 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 33 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 45 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 57 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 69 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 81 Chapter 1- Class 12 Part 2 Unimax
Advertisement
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.
Advertisement