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Question no 78 Chapter 1- Class 12 Part 2 Unimax
ABC Ltd. invited applications for 75,000 equity shares of ₹ 10 each at a premium of ₹ 3. The money was called as follows:
| On application | ₹ 2 per share |
| On allotment | ₹ 6 per share |
| On first | ₹ 3 per share |
| On final call | ₹ 2 per share |
The company received applications for 93,000 shares. Applications for 3,000 shares were totally rejected and their money was refunded. Rest of the allotment was done on pro-rata basis. The excess money with application was adjusted against amount due on allotment.
A to whom 600 shares were allotted paid only application money. On his failure to pay allotment and first call, his shares were forfeited and reissued for ₹ 9 per share as fully paid shares. Find call was received from remaining shareholders.
Pass necessary journal entries in the books of ABC Ltd.
The solution of Question no 78 Chapter 1- Class 12 Part 2 Unimax: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 1,86,000 | |||
| To Equity share application A/c | 1,86,000 | ||||
| (Being application money received on 93000 shares @ ₹ 2 each) | |||||
| Equity shares application A/c | Dr. | 1,86,000 | |||
| To Equity shares capital A/c | 1,50,000 | ||||
| To Equity share allotment A/c | 30,000 | ||||
| To Bank A/c | 6,000 | ||||
| (Being application money transferred to share capital a/c and share allotment & balance amount on 3000 shares refunded) | |||||
| Equity share allotment A/c | Dr. | 4,50,000 | |||
| To Equity shares capital A/c | 2,25,000 | ||||
| To Securities premium reserve A/c | 2,25,000 | ||||
| (Being allotment money due on 75,000 share @ ₹ 6 per share including 3 premium) | |||||
| Bank A/c | Dr. | 4,16,640 | |||
| To Equity share allotment A/c | 4,16,640 | ||||
| (Being received on allotment money) | |||||
| Equity share 1st call A/c | Dr. | 2,25,000 | |||
| To Equity shares capital A/c | 2,25,000 | ||||
| (Being first call money due on 75,000 shares @ ₹ 3 per shares) | |||||
| Bank A/c | Dr. | 2,23,200 | |||
| To Equity shares 1st call A/c | 2,23,200 | ||||
| (Being first call money received on 74400 shares @ ₹ 3 per share) | |||||
| Equity share capital A/c | Dr. | 4800 | |||
| Securities premium A/c | Dr. | 1800 | |||
| To Equity share allotment A/c | 3360 | ||||
| To Equity first call A/c | 1800 | ||||
| To Share forfeited A/c | 1440 | ||||
| (Being 600 shares of shareholder A forfeited due to non-payment of allotment and first call money) | |||||
| Equity share second & final call A/c | Dr. | 1,48,800 | |||
| To Equity shares capital A/c | 1,48,800 | ||||
| (Being second & final call money due on 74400 shares @ ₹ 2 per share) | |||||
| Bank A/c | Dr. | 1,48,800 | |||
| To Equity share second call A/c | 1,48,800 | ||||
| (Being second & final call money received on74400 shares @ ₹ 2 per share) | |||||
| Bank A/c | Dr. | 5400 | |||
| Share forfeited A/c | Dr. | 600 | |||
| To Equity share capital A/c | 6000 | ||||
| (Being 600 forfeited shares reissued @ ₹ 9 per share as fully paid up) | |||||
| Share forfeited A/c | Dr. | 840 | |||
| To capital reserve A/c | 840 | ||||
| (Being profit on 600 forfeited transferred to capital reserve A/c) | |||||
Working Note:
| Shares applied | Shares allotted | |
| Lot 1 | 90,000 | 75,000 |
| Lot 2 | 3,000 | Nil |
| 93,000 | 75,000 |
1 Table showing adjustment of excess amount received on application.
| Lot 1 | Lot 2 | total | |
| No. of shares applied | 90,000 | 3,000 | 93,000 |
| Less: no. of shares allotted | 7500 | Nil | 75,000 |
| Over subscription | 15,000 | 3000 | 18,000 |
| ₹ | ₹ | ₹ | |
| Excess amount received on application | 30,000 | 6,000 | 36,000 |
| Less: amount adjusted on allotment | 30,000 | Nil | 30,000 |
| Refunded to be made | Nil | 6000 | 6000 |
2 Net Amount received on allotment
| No. of share allotted to Mr. A shareholder =600 share | |
| No. of shares applied by Mr. A shareholder = 600*9000/75000 | 720share |
| ₹ | |
| Application money received 720 shares = 720*2 | 1440 |
| Less: actual application amount on 600 shares = 600*2 | 1200 |
| 240 | |
| ₹ | |
| Allotment amount due Mr. It on 600 shares 600*6 | 3600 |
| Less: Excess application money adjusted | 240 |
| Amount not paid by Mr. A | 3360 |
| Total amount due on allotment 75000*6 | 4,50,000 |
| Less: application money already adjusted | 30,000 |
| 420000 | |
| Less: amount not paid by Mr. A | 3360 |
| Net amount received on allotment | 416640 |
4 Calculation of amount to be transferred to Capital Reserve
| ₹ | ||
| Amount forfeited on 600 shares held by A | 1440 | |
| Less: Discount on allowed on reissued shares | 600 | |
| Balance credited to capital reserve a/c | 840 |
End of 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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