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Question no 80 Chapter 1- Class 12 Part 2 Unimax
X Ltd. invited applications for issuing 2,00,000 equity shares of ₹ 10 each. The amount was payable as follows:
| On application | 2 |
| On allotment | 5 |
| On the first & final call | 3 |
Application for 4,00,000 shares were received and the allotment was made as follows:
| Category | Shares applied | Shares allotted |
| Lot 1 | 50,000 | 40,000 |
| Lot 2 | 1,00,000 | 30,000 |
| Lot 3 | 2,50,000 | 1,30,000 |
All the shares were allotted on a pro-rata basis and excess application money was adjusted towards sums due on allotment.
Raveesha who belonged to Category 1 and to whom 600 shares were allotted failed to pay the allotment money. Her shares were forfeited immediately after money was not received. Pooja who belonged to Category 2 and who had applied for 250 shares failed to pay the final call. Her shares were forfeited after the final call. The forfeited shares were reissued @ ₹ 9 per share fully paid up.
Pass necessary journal entries in the books of X Ltd.
The solution of Question no 80 Chapter 1- Class 12 Part 2 Unimax: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 8,00,000 | |||
| To Equity share application A/c | 8,00,000 | ||||
| (Being application money received on 4,00,000 shares @ ₹ 2 each) | |||||
| Equity shares application A/c | Dr. | 8,00,000 | |||
| To Equity shares capital A/c | 4,00,000 | ||||
| To Equity share allotment A/c | 4,00,000 | ||||
| (Being application money transferred to share capital a/c and shares allotment A/c) | |||||
| Equity share allotment A/c | Dr. | 10,00,000 | |||
| To Equity shares capital A/c | 10,00,000 | ||||
| (Being allotment money due on 2,00,000 equity shares @ ₹ 5 per share) | |||||
| Bank A/c | Dr. | 5,97,300 | |||
| To Equity share allotment A/c | 5,97,300 | ||||
| (Being received on allotment money) | |||||
| Madhu | Equity share capital A/c | Dr. | 4200 | ||
| To Equity share allotment A/c | 2700 | ||||
| To Share forfeited A/c | 1500 | ||||
| (Being 600 shares of shareholder Madhu forfeited due to non-payment of allotment money) | |||||
| Equity share first & final call A/c | Dr. | 5,98,200 | |||
| To Equity shares capital A/c | 5,98,200 | ||||
| (Being first & final call money due on 1,99,400 shares @ ₹ 3 per share) | |||||
| Bank A/c | Dr. | 5,97,450 | |||
| To Equity share first & final call A/c | 5,97,450 | ||||
| (Being first & final call money received on 1,99,150 shares @ ₹ 3 per share) | |||||
| Pooja | Equity share capital A/c | Dr. | 750 | ||
| To Equity share first & final call A/c | 225 | ||||
| To Equity share forfeited A/c | 525 | ||||
| (Being 75 shares of shareholder pooja forfeited due to non-payment of first and final call money) | |||||
| Bank A/c | Dr. | 6,075 | |||
| Share forfeited A/c | Dr. | 675 | |||
| To Equity share capital A/c | 6,750 | ||||
| (Being 675 forfeited shares reissued @ ₹ 9 per shares fully paid up) | |||||
| Share forfeited A/c | Dr. | 1,350 | |||
| To capital reserve A/c | 1,350 | ||||
| (Being forfeited amount transfer to capital reserve) | |||||
Working Note:
| Shares applied | Shares allotted | |
| Lot 1 | 50000 | 40000 |
| Lot 2 | 100000 | 30000 |
| Lot 3 | 250000 | 130000 |
| 400000 | 200000 |
1 Table showing adjustment of excess amount received on application.
| Lot 1 | Lot 2 | Lot 3 | total | |
| No. of shares applied | 50000 | 100000 | 50000 | 400000 |
| Less: no. of shares allotted | 40000 | 30000 | 130000 | 2000000 |
| Over subscription | 10000 | 70000 | 120000 | 200000 |
| ₹ | ₹ | ₹ | ₹ | |
| Excess amount received on application | 20000 | 140000 | 240000 | 400000 |
| Less: amount adjusted on allotment | 20000 | 1,40,000 | 2,40,000 | 4,00,000 |
| Amount to be Refunded | nil | nil | nil | nil |
2. Calculation of net amount received on Allotment
| No. of shares Allotted to Madhu =600 shares | |
| No. of shares Applied by Madhu =600 x 50,000/40,000 =750 shares | |
| ₹ | |
| Application Money Received on 750 shares from Madhu =(750 x 2) | 1,500 |
| Less: Actua Application money on 600 shares (600 x 2) | 1,200 |
| Excess Application money Adjustment towards allotment | 300 |
| ₹ | |
| Amount Due from Madhu on Allotment o 600 shares =(600 x 5) | 3,000 |
| Less: Excess Application money Adjusted = | 300 |
| Amount not paid by Madhu = | 2,700 |
| ₹ | |
| Total Amount Due on Allotment = 2,00,000 x 5 = | 10,00,000 |
| Less: Application Money Adjustment | 4,00,000 |
| 6,00,000 | |
| Less: Amount not Paid by Madhu | 2,700 |
| Net Amount Received on Allotment = | 5,97,300 |
End of Solution
Check Out the Solution of all questions for this chapter:
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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
- 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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