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Question 49 Chapter 8 of +2-A
49. The Hindustan manufacturing ltd. had total subscribed capital of 10,00,000 in equity shares of Rs 10 each of which Rs 7.50 was called-up. A final call of Rs 2.50 was made and all amount paid except two calls of Rs 2.50 each in respect of 100 shares held by D. These shares were forfeited and reissued at Rs 8 per share.
Pass necessary journal entries (including that of cash) to record the transactions of final call, forfeiture of shares and reissue of forfeited shares. Also, prepare the balance sheet of the company.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Share final call A/c | Dr | 2,50,000 | |||
| To Share capital A/c | 2,50,000 | ||||
| (Being the final call money due ) | |||||
| Bank A/c | Dr | 2,49,700 | |||
| Calls in arrear A/c | Dr | 250 | |||
| To Share final call A/c | 2,50,000 | ||||
| (Being final call money received ) | |||||
| Share capital A/c | Dr | 1,000 | |||
| To Share second and final call A/c | 500 | ||||
| To forfeited shares A/c | 500 | ||||
| (Being share forfeited ) | |||||
| Bank A/c | Dr | 800 | |||
| Share forfeiture A/c | Dr | 200 | |||
| To Share capital A/c | 1,000 | ||||
| (Being forfeited share reissue ) | |||||
| Forfeited share A/c | Dr | 300 | |||
| To capital Reserve A/c | 300 | ||||
| (Being the gain on reissue transferred to capital reserve ) | |||||
| Particulars |
Details |
Amount |
|---|---|---|
| I. Equity and Liabilities | ||
| 1. Shareholders’ Funds | ||
| (a) Share Capital | 1,00,000 | |
| (b) Reserves and Surplus | 300 | |
| (c) Money Received against Share Warrants | ||
| 2. Share Application Money Pending Allotment | ||
| 3. Non-Current Liabilities | ||
| 4. Current Liabilities | ||
| II. Assets | ||
| 1.Non-Current Assets | ||
| 2. Current Assets | ||
| (d) Cash and Cash equivalents | 10,00,300 | |
| Total | 10,00,300 |
| Particulars |
Details |
Amount |
|---|---|---|
| Share capital | ||
| Authorized capital | ||
| 1,00,000 Equity share of Rs 10each | 10,00,000 | |
| Issued capital | ||
| 1,00,000 equity shares of Rs 10 each | 10,00,000 | |
| Subscribed capital | ||
| Subscribed and fully paid-up | ||
| 1,00,000 Equity shares of Rs 10 each | 10,00,000 | |
| share capital (subscribed) | 10,00,000 |
| Particulars |
Details | Amount | |
|---|---|---|---|
| Calculation of capital reserve | |||
| Share Forfeiture (Cr.) | 500 | ||
| Less: Share Forfeiture Debit | (200) | ||
| Balance in Share Forfeiture A/c | 300 | ||
(Note) Capital Reserve:
= Balance in Share Forfeiture after re-issue per share × Number of Shares reissued
=Rs. 3 × 100 = Rs.5000
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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 49 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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