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Question no 75 Chapter 1- Class 12 Part 2 Unimax
On July 1, 2022, a Limited Company offered for subscription 50,000 equity shares of ₹ 100 each at a premium of ₹ 20per share payable as given below:
| On application | ₹ 20 per share |
| On allotment | ₹ 50 per share (including premium) |
| Two months after allotment | ₹ 50 per share |
Applications were received for 84,000 shares.
On July 1, 2022 the Directors proceeded to allot shares proportionately.
Of these, applications for 4,500 shares were accompanied with full amount and hence were accepted in full and the balance allotment was pro-rata. Excess amount paid by applicants was utilized towards allotment and call money due from them .
One of these applicants to whom 300 shares were allotted proportionately, failed to pay the call money. His shares were forfeited on November 30,2022 and subsequently issued @ ₹ 130 per share.
Record entries relating to these transactions in the journal of the company.
The solution of Question no 75 Chapter 1- Class 12 Part 2 Unimax: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 16,80,000 | |||
| To share application A/c | 16,80,000 | ||||
| (Being share application money received on 84,000 shares @ ₹ 2 each) | |||||
| Share application A/c | Dr. | 16,80,000 | |||
| To share capital A/c | 10,00,000 | ||||
| To share allotment A/c | 68,000 | ||||
| (Being share application a/c closed after adjusting excess amount received allotment) | |||||
| Shares allotment A/c | Dr. | 25,00,000 | |||
| To shares capital A/c | 15,00,000 | ||||
| To securities premium A/c | 10,00,000 | ||||
| (Being allotment money due on 50000 shares @ ₹ 50 each included premium) | |||||
| Bank A/c | Dr. | 18,20,000 | |||
| To shares allotment A/c | 18,20,000 | ||||
| (Being allotment money received) | |||||
| Share first & final call A/c | Dr. | 25,00,000 | |||
| To shares capital A/c | 25,00,000 | ||||
| (Being first & final call money due on 50000 shares) | |||||
| Bank A/c | Dr. | 24,85,000 | |||
| To share first & final call A/c | 24,85,000 | ||||
| (Being share first call money received) | |||||
| Share capital A/c | Dr. | 30,000 | |||
| To share first & final call A/c | 15,000 | ||||
| To share forfeited A/c | 15,000 | ||||
| (Being 300 shares forfeited due to non-payment share first & final call) | |||||
| Bank A/c | Dr. | 39,000 | |||
| To share capital A/c | 30,000 | ||||
| To Securities premium A/c | 9,000 | ||||
| (Being 300 share reissued @ ₹ 130 per share) | |||||
| Share forfeited A/c | Dr. | 15,000 | |||
| To capital reserve A/c | 15,000 | ||||
| (Being balance of share forfeited a/c transferred to capital reserve A/c) | |||||
Working Note:
| Shares applied | Shares allotted | |
| Lot 1 | 4500 | 4500 |
| Lot 2 | 79500 | 45500 |
| 84000 | 50000 |
1 Table showing adjustment of excess amount received on application.
| Lot 1 | Lot 2 | total | |
| No. of shares applied | 4500 | 79500 | 84000 |
| Less: no. of shares allotted | 4500 | 45500 | 50000 |
| Over subscription | Nil | 34000 | 34000 |
| ₹ | ₹ | ||
| Excess amount received on application (34000*20) | Nil | 6,80,000 | 6,80,000 |
| Less: amount adjusted on allotment | Nil | 6,80,000 | 6,80,000 |
| Refunded to be made | Nil | Nil | Nil |
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.
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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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