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Question no 36 Chapter 1- Class 12 Part 2 Unimax
800 shares of ₹ 10 each issued at par were forfeited for the non-payment of final call of ₹ 2 per share. These shares were reissued at ₹ 8 per share fully paid up.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Shares capital A/c | Dr. | 8000 | |||
| To Shares forfeited A/c | 6400 | ||||
| To shares final call A/c | 1600 | ||||
| (Being 800 shares forfeited due to non-payment final call money) | |||||
| Bank A/c | Dr. | 6400 | |||
| Shares forfeited A/c | Dr. | 1600 | |||
| To Share capital A/c | 8000 | ||||
| (Being 800 forfeited shares reissued at ₹ 8 per shares fully paid up) | |||||
| Shares forfeited A/c | Dr. | 4800 | |||
| To Capital reserve A/c | 4800 | ||||
| (Being profit on 800 forfeited shares transferred to capital reserve A/c) | |||||
Working Note:
1. Calculate of amount transferred to capital reserve A/c
| Amount forfeited on 800 shares | = ₹ 6400 |
| Amount forfeited on 800 shares | =₹ 6400/800 x 800=6400 |
| Less: Discount allowed on reissued shares | = ₹ 1600 |
| Balance creditors to capital reserve A/c | = 4800 |
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 no 36 Chapter 1- Class 12 Part 2 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax Accountancy Class 12 Part 2 - 2023.
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.
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