Question 47 Chapter 8 of +2-A - T.S. Grewal 12 Class

The solution of Question 47 Chapter 8 of +2-A: - 

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr		5,00,000
	To share application A/c				5,00,000
	(Being the application money received )
	Share application A/c	Dr		5,00,000
	To Share capital A/c				5,00,000
	(Being application money transferred to equity share capital )
	Share allotment A/c	Dr		5,00,000
	To Share capital A/c				5,00,000
	(Being the allotment money due )
	Bank A/c	Dr		5,00,000
	To Share allotment A/c				5,00,000
	(Being application money transferred to equity share capital )
	Share first call A/c	Dr		2,50,000
	To Share capital A/c				2,50,000
	(Being the first call money due )
	Bank A/c	Dr		2,50,000
	To Share first call A/c				2,50,000
	(Being first call money received )
	Share second and final call A/c	Dr		2,50,000
	To Share capital A/c				2,50,000
	(Being the second and final call money due )
	Bank A/c	Dr		2,40,000
	Calls in arrear A/c	Dr		10,000
	To Share first call A/c				2,50,000
	(Being second and final call money received )
	Share capital A/c	Dr		40,000
	To Share second and final call A/c				10,000
	To forfeited shares A/c				30,000
	(Being share forfeited )
	Bank A/c	Dr		10,000
	Share forfeiture A/c	Dr		10,000
	To Share capital A/c				20,000
	(Being forfeited share reissue )
	Forfeited share A/c	Dr		5,000
	To capital Reserve A/c				5,000
	(Being the gain on reissue transferred to capital reserve )

 

 

Particulars		Details	Amount
Calculation of capital reserve
Share Forfeiture (Cr.)			75
Less: Share Forfeiture Debit			(50)
Balance in Share Forfeiture A/c			25

 

(Note) Capital Reserve:
= Balance in Share Forfeiture after re-issue per share × Number of Shares reissued
=Rs.25 × 200 = Rs.5000

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Also, Check out the solved question of previous Chapters: -

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication