What is the main topic of "Question 42 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1"?

This guide covers "Question 42 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.

Who can benefit from this guide on "Question 42 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1"?

It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.

Where can I practice questions related to "Question 42 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1"?

You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 42 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1" instantly.

Question 42 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1

⚡

Quick Overview & Key Takeaways

Focus Topic:Question 42 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1

Estimated Reading Time:2 mins

Comprehensive academic guide covering core concepts of Question 42 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1.
Syllabus-aligned study material with detailed definitions, formats, and practical examples.
Interactive check: Includes a custom practice quiz at the bottom of the article to self-evaluate knowledge.

Question 42 Chapter 8 of +2-Part-1

42. (Pro-rata allotment/Forfeiture/Reissue) AB Ltd. invited applications for 1,00,000 Equity shares of Rs. 10 each, payable as RS. 2 application, Rs. 3 on allotment and balance on first and final call. Applications were received for 3,00,000 shares and shares were allotted on pro-rata basis. The excess of application money was to be adjusted against allotment only. M, a shareholder, who was allotted 3,000 shares, failed to pay the call money and his shares were accordingly forfeited and reissued at Rs. 8 per shares as fully paid. Pass necessary journal entries

The solution of Question 42 Chapter 8 of +2 Part-1: -

?si=2YmV1gi-xmiQzy4u

Date	Particulars		Debit	Credit
A)	Bank A/c (3,00,000 X 2)	Dr.	6,00,000
	To Share Application A/c			6,00,000
	(Being application money received on 3,00,000 shares @ Rs. 2 per share)

B)	Share Application A/c	Dr.	6,00,000
	To Share capital A/c			2,00,000
	To Share Allotment A/c			3,00,000
	To Bank A/c			1,00,000
	(Being application money adjusted )

C)	Share Allotment A/c (1,00,000 X3)	Dr.	3,00,000
	To Share capital A/c			3,00,000
	(Being allotment money due on 1,00,000 shares @ Rs. 3 per share )

D)	Share First & final Call A/c (1,00,000 X 5)	Dr.	5,00,000
	To Share capital A/c			5,00,000
	(Being first call money due on 1,00,000 shares @ Rs. 5 per share )

E)	Bank A/c (97,000 X 5)	Dr.	4,85,000
	Calls in arrear A/c	Dr.	15,000
	To Share First & final Call A/c			5,00,000
	(Being final call money received on 97,000 shares)

F)	Share capital A/c 3,000 X 10	Dr.	30,000
	To Share Forfeited A/c			15,000
	To First & Final Call A/c(3,000 X 5 )			15,000
	(Being forfeitures of 3,000 shares )

G)	Bank A/c (3000 X8 )	Dr.	24,000
	Share Fortified A/c (3000X2)	Dr.	6,000
	To Share capital A/c			30,000
	(Being 3000 shares reissued @2% discount )

H)	Share Fortified A/c (15,000-6,000)	Dr.	9,000
	To Capital Reserve A/c			9,000
	(Being balance in share fortified transferred to capital reserve)

Question 42 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1

Quick Overview & Key Takeaways

The solution of Question 42 Chapter 8 of +2 Part-1: -

Sarbjit SinghB.Com and M.Com

❓ Frequently Asked Questions

What is the main topic of "Question 42 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1"?

Who can benefit from this guide on "Question 42 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1"?

Where can I practice questions related to "Question 42 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1"?

6 Comments

Karanpreet kaur

Karanpreet kaur

Karanpreet kaur

Karanpreet kaur

Amanpreet Kaur

Amanpreet Kaur

Add your comment

Next to Read

Question 26 Chapter 3 of USHA Publication 12 Class Part - 1

Question 25 Chapter 3 of USHA Publication 12 Class Part - 1

Question 24 Chapter 3 of USHA Publication 12 Class Part - 1