Advertisement
Question no 74 Chapter 1- Class 12 Part 2 Unimax
X Ltd. invited application for 20,000 equity shares of ₹ 10 each, payable ₹ 2.50 on application ₹ 5 on allotment (including a premium of ₹ 2.50) and ₹ 5 on first and final call. The company received application for 25,000 shares. It was decided:
(a) To refuse allotment to the applicants for 1,000 shares;
(b) To allot in full to the applicants for 1,000 shares;
(c) To allot balance of the available shares pro-rata among the other applicants;
(d) To utilize the excess applications money in part payment of allotment money.
All the money due was received, except from on application to whom shares had been allotted on pro-rata basis he failed to pay allotment and call money and his 100 shares were forfeited. These shares were reissued at ₹ 9 per shares as fully paid. Give journal entries to record the above transaction in the books of the company.
The solution of Question no 74 Chapter 1- Class 12 Part 2 Unimax: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 62,500 | |||
| To Equity share application A/c | 62,500 | ||||
| (Being application money received on 25,000 shares @ ₹ 2.5 each) | |||||
| Equity shares application A/c | Dr. | 62,500 | |||
| To Equity shares capital A/c | 50,000 | ||||
| To Equity share allotment A/c | 10,000 | ||||
| To bank A/c | 2500 | ||||
| (Being application money transferred to share capital a/c & after balance share allotment and 100 shares refunded) | |||||
| Shares allotment A/c | Dr. | 1,00,000 | |||
| To shares capital A/c | 50,000 | ||||
| To Securities premium reserve A/c | 50,000 | ||||
| (Being allotment money due on 20,000 share @ ₹ 5 per share including 2.5 premium) | |||||
| Bank A/c | Dr. | 89552.50 | |||
| To shares allotment A/c | 89552.50 | ||||
| (Being received on allotment money) | |||||
| Equity share first & final call A/c | Dr. | 1,00,000 | |||
| To Equity shares capital A/c | 1,00,000 | ||||
| (Being first call money due on 20,000 shares @ ₹ 5 per shares) | |||||
| Bank A/c | Dr. | 99500 | |||
| To Equity shares first & final call A/c | 99500 | ||||
| (Being first and final call money received except 100 share) | |||||
| Share capital A/c | Dr. | 1000 | |||
| Securities premium A/c | Dr. | 250 | |||
| To Share allotment A/c | 447.50 | ||||
| To Equity first & final call A/c | 500 | ||||
| To Share forfeited A/c | 302.50 | ||||
| (Being 100 shares of forfeited due to non-payment of allotment and first call money) | |||||
| Bank A/c | Dr. | 900 | |||
| Share forfeited A/c | Dr. | 100 | |||
| To Share capital A/c | 1,000 | ||||
| (Being 100 forfeited shares reissued @ ₹ 9 per share as fully paid up) | |||||
| Share forfeited A/c | Dr. | 202.50 | |||
| To capital reserve A/c | 202.50 | ||||
| (Being profit on 100 forfeited transferred to capital reserve A/c) | |||||
Working Note:
| Shares applied | Shares allotted | |
| Lot 1 | 1000 | 1000 |
| Lot 2 | 1000 | Nil |
| Lot 3 | 23000 | 19000 |
| 25000 | 20000 |
1 Table showing adjustment of excess amount received on application.
| Lot 1 | Lot 2 | Lot 3 | total | |
| No. of shares applied | 1000 | 1000 | 23000 | 25000 |
| Less: no. of shares allotted | 1000 | Nil | 19000 | 2000 |
| Over subscription | Nil | 1000 | 4000 | 5000 |
| ₹ | ₹ | ₹ | ||
| Excess amount received on application @ ₹ 50 each | Nil | 2500 | 10,000 | 12,500 |
| Less: amount adjusted on allotment | Nil | Nil | 10,000 | 10,000 |
| Refunded to be made | Nil | 2500 | Nil | 2500 |
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 5 Chapter 1 – Class 12 Part 2 Unimax
Advertisement
Question no 17 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 33 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 45 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 57 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 69 Chapter 1- Class 12 Part 2 Unimax
Advertisement
Question no 81 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