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Question no 69 Chapter 1- Class 12 Part 2 Unimax
Amrit Ltd. invited applications for 30,000 equity shares of ₹ 10 each issued at premium of ₹ 3 per share, payable as follows: ₹ 3 on application, ₹ 6 o n application, ₹ 6 on allotment including premium ₹ 2 on first call and ₹ 2 on final all. Application were received for 40,000 shares. Application for 4,000 shares were rejected and pro rata allotment was made to the remaining applicants. Mr. A, holder of 600 shares, failed to pay allotment and on his subsequent failure to pay first call, his shares were forfeited. Mr. B holder of 400 shares, failed to pay two calls. His shares were forfeited, later on 800 shares (including 600 shares of A), were reissued to Mr. C as fully paid at ₹ 11 per share.
Pass necessary journal entries in the books of Amrit Ltd
The solution of Question no 69 Chapter 1- Class 12 Part 2 Unimax: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 1,20,000 | |||
| To share application A/c | 1,20,000 | ||||
| (Being share application money received on 40,000 shares @ ₹ 3 each) | |||||
| Share application A/c | Dr. | 1,20,000 | |||
| To share capital A/c | 90,000 | ||||
| To share allotment A/c | 18,000 | ||||
| To bank A/c | 12,000 | ||||
| (Being share application a/c closed after adjusting excess amount received on allotment and balance refunded) | |||||
| Shares allotment A/c | Dr. | 1,80,000 | |||
| To shares capital A/c | 90,000 | ||||
| To securities premium A/c | 90,000 | ||||
| (Being allotment money due on 30000 shares @ ₹ 6 each) | |||||
| Bank A/c | Dr. | 1,58,760 | |||
| To shares allotment A/c | 1,58,760 | ||||
| (Being allotment money received) | |||||
| Share first call A/c | Dr. | 60,000 | |||
| To shares capital A/c | 60,000 | ||||
| (Being first call money due on 30000 shares @ ₹ 2 each) | |||||
| Bank A/c | Dr. | 58,000 | |||
| To share first call A/c | 58,000 | ||||
| (Being share first call money received with the exception of 1000 shares) | |||||
| Share capital A/c | Dr. | 4800 | |||
| Securities premium A/c | Dr. | 1800 | |||
| To share first call A/c | 1200 | ||||
| To share forfeited A/c | 2,160 | ||||
| To share allotment A/c | 3,240 | ||||
| (Being 600 shares of A forfeited due to for non-payment of allotment and first call) | |||||
| Share second & final call A/c | Dr. | 58,000 | |||
| To share capital A/c | 58,000 | ||||
| (Being share second & final call money due on 29,400 shares) | |||||
| Bank A/c | Dr. | 58,000 | |||
| To share second & final call A/c | 58,000 | ||||
| (Being share second & final call money received with the exception of 400 shares) | |||||
| Equity share capital A/c | Dr. | 4,000 | |||
| To share first call A/c | 800 | ||||
| To share second & final call A/c | 800 | ||||
| To share forfeited A/c | 24,000 | ||||
| (Being 400 shares of Mr. B forfeited due to non-payment of call) | |||||
| Bank A/c | Dr. | 8,800 | |||
| To Equity share capital A/c | 8,800 | ||||
| To Securities premium A/c | 800 | ||||
| (Being 800 share reissued @ ₹ 11 each) | |||||
| Share forfeited A/c | Dr. | 3,360 | |||
| To capital reserve A/c | 3,360 | ||||
| (Being balance of share forfeited a/c transferred to capital reserve A/c) | |||||
Working Note:
| Shares applied | Shares allotted | |
| Lot 1 | 4,000 | Nil |
| Lot 2 | 36,000 | 30,000 |
| 40,000 | 30,000 |
1 Table showing adjustment of excess amount received on application.
| Lot 1 | Lot 2 | total | |
| No. of shares applied | 4,000 | 36,000 | 40,000 |
| Less: no. of shares allotted | Nil | 30,000 | 30,000 |
| Over subscription | 4,000 | 6000 | 10,000 |
| ₹ | ₹ | ₹ | |
| Excess amount received on application @ ₹ 3 each | 12,000 | 18,000 | 30,000 |
| Less: amount adjusted on allotment @ ₹ 6 each | 18,000 | 18,000 | 20000 |
| Refunded to be made | 12,000 | Nil | 12,000 |
2 Calculation of unpaid amount on A’s shares on allotment.
| No. of shares applied by A (600*6/5) | 720 shares |
| ₹ | |
| Amount received on application from A (720*3) | 2,160 |
| Less: actual application amount on 600 shares allotted to him (600*3) | 1800 |
| Excess Amount received to be adjusted on allotment | 360 |
| ₹ | |
| Amount due on allotment from A (600*6) | 3,600 |
| Less: amount already received now to be adjusted | 360 |
| Unpaid amount from A on allotment | 3240 |
3 Net Amount received on allotment
| ₹ | |
| Total amount due on allotment 30,000 shares | 1,80,0000 |
| Less: amount already adjusted an allotment | 18,000 |
| 16,200 | |
| Less: unpaid amount on Sunder’s shares | 3240 |
| Net amount received on allotment | 15,8760 |
4 Calculation of amount to be transferred to Capital Reserve
| ₹ | ₹ | |
| Amount forfeited on A’s 600 shares | 2,160 | |
| Less: Discount on reissue | Nil | 2,160 |
| Amount forfeited on 200 shares of B reissued | 1200 | |
| Less discount on reissued of shares | Nil | 1200 |
| Capital reserve | 3,360 |
End of Solution
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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
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- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
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- 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
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- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
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- 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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