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Question no 60 Chapter 1- Class 12 Part 2 Unimax
JYANTI Ltd. invited application for issuing 90,000 shares of 20 each at a premium of ₹ 40 per share. The amount was payable as follows:
| On application | ₹ 40 (including ₹30 premium) |
| On allotment | ₹ 12 (including ₹ 4 premium) |
| On first & final call | Balance |
Application for 87,000 shares were received. Shares were allotted to the applicants. NITTU to whom 10,000 shares were allotted failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards, the first and final call was made. ISHU the holder of 500 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares, 100 shares, 100 shares were reissued at ₹ 40 per share fully paid up. The reissued shares included all the shares of ISHU.
Pass necessary journal entries for the above transaction in the books of JYANTI Ltd.
The solution of Question no 60 Chapter 1- Class 12 Part 2 Unimax: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 34,80,000 | |||
| To Equity Shares Application A/c | 34,80,000 | ||||
| (Being application money received on 87,000 shares @ ₹ 40 per share) | |||||
| Equity shares Application A/c | Dr. | 34,80,000 | |||
| To Equity share capital A/c | 8,70,000 | ||||
| To securities premium reserve A/c | 26,10,000 | ||||
| (Being application money transferred to share capital a/c) | |||||
| Equity share Allotment A/c | Dr. | 10,44,000 | |||
| To Equity shares capital A/c | 6,96,000 | ||||
| To securities premium reserve A/c | 3,48,000 | ||||
| (Being allotment money due on 87,000 shares @ ₹ 12 per share) | |||||
| Bank A/c | Dr. | 10,32,000 | |||
| To Equity Share Allotment A/c | 10,32,000 | ||||
| (Being allotment money received on 86,000 shares) | |||||
| Equity shares first call A/c | Dr. | 18,000 | |||
| Securities premium reserve A/c | Dr. | 4,000 | |||
| To equity share allotment A/c | 12,000 | ||||
| To forfeited share A/c | 10,000 | ||||
| (Being 1,000 shares forfeited due to non-payment of allotment money) | |||||
| Equity share first & final call A/c | Dr. | 6,88,000 | |||
| To equity shares capital A/c | 1,72,000 | ||||
| To securities premium reserve A/c | 5,16,000 | ||||
| (Being amount due on first & final call on 85,500 shares) | |||||
| Bank A/c | Dr. | 6,84,000 | |||
| To equity share first & final call A/c | 6,84,000 | ||||
| (Being share first & final call money received on 85,500 shares) | |||||
| Equity share capital A/c | Dr. | 10,000 | |||
| Securities premium reserve A/c | Dr. | 3,000 | |||
| To equity share first & final call A/c | 4,000 | ||||
| To share forfeited A/c | 9,000 | ||||
| (Being 500 shares forfeited for non-payment of call money) | |||||
| Bank A/c | Dr. | 40,000 | |||
| To equity share capital A/c | 20,000 | ||||
| To securities premium reserve A/c | 20,000 | ||||
| (Being 1,000 forfeited shares reissued) | |||||
| Share forfeited A/c | Dr. | 14,000 | |||
| To capital reserve A/c | 14,000 | ||||
| (Being on reissued of shares, transferred to capital reserve A/c) | |||||
Working Note:
Calculation forfeited of profit on reissue
| Amount forfeited on ISHU ’s 500 shares | = ₹ 9000 |
| Amount forfeited on NITTU ’s 500 shares | 500/1,000 X 10,000 =5,000 |
| Amount transferred to capital reserve A/c | = 14000 |
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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