Question 72 Chapter 8 of +2-A - T.S. Grewal 12 Class

The solution of Question 72 Chapter 8 of +2-A: - 

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr		1,00,000
	To share application A/c				1,00,000
	(Being the application money received )
	Share application A/c	Dr		1,00,000
	To Share capital A/c				60,000
	To Securities premium A/c				40,000
	(Being application money transferred to equity share capital )
	Share allotment A/c	Dr		80,000
	To Share capital A/c				80,000
	(Being the allotment money due )
	Bank A/c	Dr		79,200
	calls in arrear A/c	Dr		800
	To Share allotment A/c				800
	(Being allotment money transferred to equity share capital )
	Share first call A/c	Dr		60,000
	To Share capital A/c				60,000
	(Being the first call money due )
	Bank A/c	Dr		58,500
	Calls in arrear A/c	Dr		1,500
	To Share first call A/c				60,000
	(Being first call money received )
	Equity share capital A/c	Dr		2,000
	To Share forfeiture A/c				600
	To calls in arrear A/c				1,400
	(Being the gain on reissue transferred to capital reserve )
	Equity share capital A/c	Dr		3,000
	To Share forfeiture A/c				2,100
	To calls in arrear A/c				900
	(Being share forfeiture)
	Bank A/c	Dr		2,800
	Share forfeiture A/c	Dr		1,200
	To capital Reserve A/c				4,000
	(Being forfeited share reissue )
	Share forfeiture A/c
	To capital Reserve A/c
	(Being the gain on reissue transferred to capital reserve )

 

Particulars (1)	Note no. (2)	Figures as at the end of the Current Reporting Period (3)	Figures as at the end of the Previous Reporting Period (4)
I. Equity and Liabilities
1. Shareholders’ Funds
(a) Share Capital			1,99,700
(b) Reserves and Surplus			40,800
(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
(a) Fixed Assets
Tangible Assets			(-)
2. Current Assets
(d) Cash and Cash equivalents			2,40,500
Total			1,69,500

 

Particulars	Details	Amount
Share capital
Authorized capital
2,000 Equity share of Rs 100 each		2,00,000
Issued capital
20,000 equity shares of Rs 100 each		2,00,000
Subscribed capital
Subscribed and fully paid-up
19,960 Equity shares of Rs10 every 8,000 shares of 5 called up- calls in arrear (700)		1,99,780
Capital reserve		40,000
Securities premium		800
Cash at bank		2,40,500

Capital Reserve of 200 shares on which only application received

		Details	Amount
Amount received on application(5,000 * 3)		300
Less: Share forfeiture dr. per share		(300)
Amount received on the application			0

 

Share forfeiture of re-issued share

Particulars		Details	Amount
Share Forfeiture (Dr.) ( at the time of forfeiture of 200 shares )		400
Less: Share Forfeiture (Cr) ( at the time re-issue of 160 shares)		(320)
Amount unpaid on application			80

Capital Reserve=200 Shares × Balance of Share Forfeiture Cr. per share

Capital Reserve=200 × Rs.4 = Rs.800

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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