Advertisement
Question no 70 Chapter 1- Class 12 Part 2 Unimax
Surindra Ltd. invited application for issuing 2,00,000 equity shares of ₹ 30 each at a premium of ₹ 6 per share. The amount was payable as follows:
| On application | ₹ 4 per share (including 1 premium) |
| On allotment | ₹ 6 per share (including 3 premium) |
| On first & final call | Balance |
Application for 3,60,000 shares were received. Application for 60,000 were rejected allotted on pro-rata basis to the remaining applicants. Excess money received with application was adjusted towards sums due on allotment. Ravinder holding 800 shares, failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the final call was made. Harinder who applied for 1,200 shares failed to pay the final call. These shares were also forfeited. Out of the forfeited shares 1,000 shares were reissued at ₹ 8 per share fully paid up. The reissued shares included all the forfeited shares of Ravinder.
Pass necessary journal entries.
The solution of Question no 70 Chapter 1- Class 12 Part 2 Unimax: –
Journal
Books of Sakshi
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 14,40,000 | |||
| To Equity share application A/c | 14,40,000 | ||||
| (Being share application money received on 3,60,000 shares) | |||||
| Equity share application A/c | Dr. | 14,40,000 | |||
| To Equity share capital A/c | 6,00,000 | ||||
| To Equity share allotment A/c | 4,00,000 | ||||
| To Securities premium reserve A/c | 2,00,000 | ||||
| To Bank A/c | 2,40,000 | ||||
| (Being share application money adjusted & surplus refunded) | |||||
| Equity shares allotment A/c | Dr. | 12,00,000 | |||
| To Equity shares capital A/c | 6,00,000 | ||||
| To securities premium A/c | 6,00,000 | ||||
| (Being allotment made due) | |||||
| Bank A/c | Dr. | 7,96,800 | |||
| Call in arrears A/c | Dr. | 3,200 | |||
| To Equity shares allotment A/c | 8,00,000 | ||||
| (Being allotment money received except on 800 shares) | |||||
| Equity shares capital A/c | Dr. | 4,800 | |||
| Securities premium reserve A/c | Dr. | 2,400 | |||
| To Call in arrears A/c | 3,200 | ||||
| To Forfeited A/c | 4,000 | ||||
| (Being 800 shares of Ravinder forfeited after allotment) | |||||
| Equity share first & final call A/c | Dr. | 11,95,200 | |||
| To Equity shares capital A/c | 7,96,800 | ||||
| To Securities premium reserve A/c | 3,98,400 | ||||
| (Being first & final call due on 1,99,200 shares) | |||||
| Bank A/c | Dr. | 11,90,400 | |||
| Call in arrears A/c | Dr. | 4,800 | |||
| To Equity share first & final call A/c | 11,95,200 | ||||
| (Being first & final call money received except on 800 shares held by Harinder) | |||||
| Equity share capital A/c | Dr. | 8,000 | |||
| Securities premium reserve A/c | Dr. | 1,600 | |||
| To calls in arrears A/c | 4,800 | ||||
| To Forfeited share A/c | 4,800 | ||||
| (Being 800 shares of Harinder forfeited for non-payment of call money) | |||||
| Bank A/c | Dr. | 8,000 | |||
| Forfeited shares A/c | Dr. | 2,000 | |||
| To Equity share capital A/c | 10,000 | ||||
| (Being 1,000 shares reissued @ ₹ 8 per share fully paid up) | |||||
| Share forfeited A/c | Dr. | 3,200 | |||
| To capital reserve A/c | 3,200 | ||||
| (Being balance of share forfeited a/c transferred to capital reserve A/c) | |||||
Working Note:
| (A). Total number of shares applied by Ravinder | |
| 800 x 3,00,000/2,00,000=1,200 shares | |
| Excess application money received | |
| 1,200 shares – 800 shares = 400 shares*4= ₹ 1,600 | |
| (B). Allotment money due from Ravinder (800*6) | 4,800 |
| Less: Excess received on application stage | 1,600 |
| Allotment money not received | 3,200 |
| (C). Total amount due on allotment (2,00,000*6) | 12,00,000 |
| Less: Excess received on application | 4,00,000 |
| 8,00,00 | |
| Less: Amount not received from Ravinder on allotment | 3,200 |
| Net Amount received on allotment in cash | 7,96,800 |
2 Harider was allotted =1,200*2,00,00/3,00,00 = 800 shares
3 Calculation of profit on reissued to be transferred to Capital Reserve
| Amount forfeited on reissued shares | 4,000 |
| Harider (200share) | 1,200 |
| Total forfeited amount on 100 shares | 5,200 |
| Less discount on reissued | 2,000 |
| Profit on reissued to be transferred to capital reserve | 3,200 |
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 3 Chapter 1 – Class 12 Part 2 Unimax
Advertisement
Question no 15 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 31 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 43 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 55 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 67 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 79 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