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Question no 63 Chapter 1- Class 12 Part 2 Unimax
Radhika textiles Ltd. invited application for 75,000 equity shares of ₹ 10each issued at a premium of ₹ 4 per share. The amount was payable as follows:
On application ₹ 4 (including ₹ 2 premium)
On allotment ₹ 5 (including ₹ 2 premium)
Balance on first and final call.
Application for 1,00,000 shares were received. Allotment was made to all the applicants on pro-rata bases.
Komal to whom 300 shares were allotted failed to pay allotment and call money. Sumeet to whom 150 shares were allotted failed to pay the call money. These shares were forfeited. The forfeited shares were reissued @ ₹ 8 per share fully p[aid up.
Pass the necessary journal entries.
The solution of Question no 63 Chapter 1- Class 12 Part 2 Unimax: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 5,00,000 | |||
| To share application A/c | 5,00,000 | ||||
| (Being application money received on 1,00,000 shares @ ₹ 5 each) | |||||
| Share application A/c | Dr. | 5,00,000 | |||
| To share capital A/c | 2,25,000 | ||||
| To share allotment A/c | 1,50,000 | ||||
| To securities premium A/c | 1,25,000 | ||||
| (Being share application a/c closed after adjusting excess amount on allotment and securities premium) | |||||
| Shares allotment A/c | Dr. | 3,75,000 | |||
| To shares capital A/c | 2,25,000 | ||||
| To securities premium A/c | 1,50,000 | ||||
| (Being allotment money due on 75000 shares @ ₹ 3 each including security premium @ ₹ 2 each) | |||||
| Bank A/c | Dr. | 2,49,000 | |||
| To shares allotment A/c | 2,49,000 | ||||
| (Being allotment money received on 75000 shares with exception of 300 shares) | |||||
| Share first & final call A/c | Dr. | 3,00,000 | |||
| To shares capital A/c | 3,00,000 | ||||
| (Being first & final call money due on 75000 shares @ ₹ 4 each) | |||||
| Bank A/c | Dr. | 2,98,200 | |||
| To share first & final call A/c | 2,98,200 | ||||
| (Being first & final call received of the exception of 450 shares @ 4 each) | |||||
| Share capital A/c | Dr. | 3000 | |||
| Securities premium A/c | Dr. | 600 | |||
| To share first & final call A/c | 1200 | ||||
| To share forfeited A/c | 1400 | ||||
| To share allotment A/c | 1000 | ||||
| (Being 300 shares forfeited for non-payment of allotment and call money) | |||||
| Share capital A/c | Dr. | 1500 | |||
| To share first & final call A/c | 600 | ||||
| To share forfeited A/c | 900 | ||||
| (Being 150 shares forfeited for non-payment of allotment and final call) | |||||
| Bank A/c | Dr. | 3600 | |||
| Share forfeited A/c | Dr. | 900 | |||
| To share capital A/c | 4500 | ||||
| (Being 450 share reissued @ ₹ 8 per share) | |||||
| Share forfeited A/c | Dr. | 1400 | |||
| To capital reserve A/c | 1400 | ||||
| (Being balance of share forfeited a/c transferred to capital reserve A/c) | |||||
Working Note:
| Shares applied | Shares allotted | |
| Lot 1 | 1,00,000 | 75,000 |
| 1,00,000 | 75,000 |
1 Table showing adjustment of excess amount received on application.
| Lot 1 | total | |
| No. of shares applied | 1,00,000 | 1,00,000 |
| Less: no. of shares allotted | 75,000 | 75,000 |
| Over subscription | 25,000 | 25,000 |
| ₹ | ₹ | |
| Excess amount received on application @ ₹ 5 each | 1,25,000 | 1,25,000 |
| Less: amount adjusted on allotment | 1,25,000 | 1,25,000 |
| Refunded to be made | Nil | Nil |
2 Calculation of unpaid amount on allotment on 100 shares held by Sunder.
| No. of shares applied by Punet | 400 shares |
| ₹ | |
| Amount received on application @ ₹ 5 (400*5) | 2,000 |
| No. of shares allotted to Ram 300 shares | |
| Less: actual application amount on 300 shares allotted to Punet (300*5) | 1500 |
| Amount to be adjusted on allotment | 500 |
| ₹ | |
| Amount due on allotment from Punet (300*5) | 1500 |
| Less: amount already received now to be adjusted | 500 |
| Unpaid amount on 300 shares of Sunder on allotment | 1000 |
3 Net Amount received on allotment
| ₹ | |
| Total amount due on allotment (75000 *5) | 3,75,000 |
| Less: amount already adjusted an allotment | 1,25,000 |
| 2,50,000 | |
| Less: unpaid amount received on allotment | 1000 |
| Net amount received on allotment | 2,49,000 |
4 Calculation of amount to be transferred to Capital Reserve
| ₹ | ||
| Total amount forfeited | 2300 | |
| Less: loss on reissued of shares | 900 | |
| Amount transferred to capital reserve | 1400 |
End of Solution
Check Out the Solution of all questions for this chapter:
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Question No 1 Chapter 1 – Unimax Class 12 Part 2 – 2021
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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.
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