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Question 42 Chapter 8 of +2-A
42. U.P sugar works ltd. Was registered on 1st January 2019 with n authorized capital of Rs 15,00,000 divided into 15,000 shares of 100 each. The company issued on 1st April 2019, 5,000 shares of 100 each at a premium of Rs 5 per share payable Rs 25 per share on the application , Rs 30 (including premium ) on the allotment and the balance in two equal instalments of Rs 25 each on 1st July and 1st October respectively. All the allotment and call money were paid when due, except in a case of one shareholder who failed to pay the final call on 100 shares held by him. His shares were forfeiture on 1st November after giving him due to notice. Show necessary entries in the books of the company to record these transactions.
| Particulars |
L.F. | Debit | Credit | ||
|---|---|---|---|---|---|
| Bank A/c | Dr | 1,25,000 | |||
| To share application A/c | 1,25,000 | ||||
| (Being the application money received ) | |||||
| Share application A/c | Dr | 1,25,000 | |||
| To Share capital A/c | 1,25,000 | ||||
| (Being application money transferred to equity share capital ) | |||||
| Share allotment A/c | Dr | 1,50,000 | |||
| To Security premium reserve A/c | 25,000 | ||||
| To Share capital A/c | 1,25,000 | ||||
| (Being the allotment money due ) | |||||
| Bank A/c | Dr | 1,50,000 | |||
| To Share allotment A/c | 1,50,000 | ||||
| (Being allotment money received ) | |||||
| Share first call A/c | Dr | 1,25,000 | |||
| To share allotment. A/c | 1,25,000 | ||||
| (Being the first call money due ) | |||||
| Bank A/c | Dr | 1,25,000 | |||
| To Share first call A/c | 1,25,000 | ||||
| (Being first call money received ) | |||||
| Share second and final call A/c | Dr | 1,25,000 | |||
| To Share capital A/c | 1,25,000 | ||||
| (Being the second and final call money due ) | |||||
| Bank A/c | Dr | 1,22,500 | |||
| Calls in arrear A/c | Dr | 2500 | |||
| To Share second and final A/c | 1,25,000 | ||||
| (Being second and final money received ) | |||||
| Share capital A/c | Dr | 10,000 | |||
| To forfeited shares A/c | 7,500 | ||||
| To Share final call. A/c | 2,500 | ||||
| (Being share forfeited ) | |||||
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 42 Chapter 8 of +2-A - T.S. Grewal 12 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to T.S. Grewal 12 Class Book Keeping Part - A - Vol. 2.
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