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Question no 66 Chapter 1- Class 12 Part 2 Unimax
A company issued for public subscription 50,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share, payable as under:
| On application | ₹ 2 per share |
| On allotment | ₹ 5 per share (including premium) |
| On first call | ₹ 2 per share |
| On final call | ₹ 3 per share |
Application were received for 75,000 equity shares. The shares were allotment pro-rata to the applicants for 60,000 shares, the remaining application being rejected. Money overpaid on application was utilized towards the sum due on allotment. A, to whom 2,000 shares were allotted, failed to pay the allotment and two calls and B, to whom 2,500 shares, were allotted, failed to pay the two calls. These shares were subsequently forfeited after the final call was made. All the forfeited shares were sold at X as fully paid up at ₹ 8 per shares. Pass the journal entries required to record the above TRANSACTINS.
The solution of Question no 66 Chapter 1- Class 12 Part 2 Unimax: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 1,50,000 | |||
| To share application A/c | 1,50,000 | ||||
| (Being share application money received on 75,000 shares @ ₹ 2 each) | |||||
| Share application A/c | Dr. | 1,50,000 | |||
| To share capital A/c | 1,00,000 | ||||
| To share allotment A/c | 20,000 | ||||
| To bank A/c | 30,000 | ||||
| (Being share application a/c closed after adjusting excess amount on allotment and balance refunded) | |||||
| Shares allotment A/c | Dr. | 2,50,000 | |||
| To shares capital A/c | 1,50,000 | ||||
| To securities premium A/c | 1,00,000 | ||||
| (Being allotment money due on 50000 shares @ ₹ 5 each included premium) | |||||
| Bank A/c | Dr. | 2,20,800 | |||
| To shares allotment A/c | 2,20,800 | ||||
| (Being allotment money received) | |||||
| Share first call A/c | Dr. | 1,00,000 | |||
| To shares capital A/c | 1,00,000 | ||||
| (Being first call money due on 50000 shares @ ₹ 2 each) | |||||
| Bank A/c | Dr. | 91,000 | |||
| To share first call A/c | 91,000 | ||||
| (Being share first call money received with the exception of 4500 shares @ 2 each) | |||||
| Share final call A/c | Dr. | 1,50,000 | |||
| To share capital | 1,50,000 | ||||
| (Being share final call money due on 50,000 shares @ 3 each) | |||||
| Bank A/c | Dr. | 1,36,500 | |||
| To share capital A/c | 1,36,500 | ||||
| (Being share final call money received with the exception of 4500 shares) | |||||
| Share capital A/c | Dr. | 45,000 | |||
| Securities premium A/c | Dr. | 4000 | |||
| To share first call A/c | 9,000 | ||||
| To share final call A/c | 13,500 | ||||
| To share forfeited A/c | 17,300 | ||||
| To share allotment A/c | 9,200 | ||||
| (Being 4500 shares forfeited for non-payment of allotment and call money) | |||||
| Bank A/c | Dr. | 36,000 | |||
| Share forfeited A/c | Dr. | 9,000 | |||
| To share capital A/c | 45,000 | ||||
| (Being 4500 share reissued @ ₹ 8 per share) | |||||
| Share forfeited A/c | Dr. | 8,300 | |||
| To capital reserve A/c | 8,300 | ||||
| (Being balance of share forfeited a/c transferred to capital reserve A/c) | |||||
Working Note:
| Shares applied | Shares allotted | |
| Lot 1 | 15000 | Nil |
| Lot 2 | 60000 | 50000 |
| 75000 | 50000 |
1 Table showing excess amount received on application.
| Lot 1 | Lot 2 | total | |
| No. of shares applied | 15000 | 60000 | 75000 |
| Less: no. of shares allotted | Nil | 50000 | 5000 |
| Over subscription | 15000 | 10000 | 25000 |
| ₹ | ₹ | ₹ | |
| Excess amount received on application @ ₹ 2 each | 30000 | 20000 | 50000 |
| Less: amount adjusted on allotment | Nil | 20000 | 20000 |
| Refunded to be made | 30000 | Nil | 30000 |
2 Calculation of unpaid amount on allotment on 2000 shares held by a Share holder
| No. of shares applied by a Share holder | 2400shares |
| ₹ | |
| Amount received on application @ ₹ 2 (2400*2) | 4800 |
| Less: actual application amount on 2000 shares allotted to (2000*2) | 4000 |
| Amount to be adjusted on allotment | 800 |
| ₹ | |
| Amount due on allotment from A (2000*5) | 10000 |
| Less: amount already received now to be adjusted | 800 |
| Unpaid amount on 8000 shares of A on allotment | 9200 |
3 Net Amount received on allotment
| ₹ | |
| Total amount due on allotment (50,000 *5) | 250000 |
| Less: amount already adjusted an allotment | 20000 |
| 23000 | |
| Less: unpaid amount received on allotment | 9200 |
| Net amount received on allotment | 220800 |
4 Calculation of amount to be transferred to Capital Reserve
| ₹ | |
| Total Amount forfeited | 17300 |
| Less: loss on reissued of 1000 shares (4500*2) | 9000 |
| Net Amount transferred to capital reserve | 8300 |
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 1 Chapter 1 – Unimax Class 12 Part 2 – 2021
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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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