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Question no 45 Chapter 1- Class 12 Part 2 Unimax
200 shares of ₹ 10 each issued at a premium of ₹ 5 per share payable with allotment were forfeited by the non-payment of allotment money of ₹ 9 pre share including premium. The first and final call of ₹ 3 per share were not made. The forfeited shares were reissued at ₹ 14 per share fully paid up.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Shares capital A/c | Dr. | 1,400 | |||
| Securities Premium A/c | Dr. | 1,000 | |||
| To Shares allotment A/c | 1,800 | ||||
| To shares forfeited A/c | 600 | ||||
| (Being 200 shares forfeited due to non-payment of allotment money @ ₹ 9 per share including premium 5 PR share) | |||||
| Bank A/c | Dr. | 2,800 | |||
| To Share capital A/c | 2,000 | ||||
| To Securities Premium A/c | 800 | ||||
| (Being 200 forfeited shares reissued at ₹ 14 per share fully paid up) | |||||
| Shares forfeited A/c | Dr. | 600 | |||
| To Capital reserve A/c | 600 | ||||
| (Being profit on 200 forfeited shares transferred to capital reserve) | |||||
Working Note:
1. Calculation of Application money
| ₹ | |
| Face value of share | 10 |
| Less: First and final call money | 3 |
| Less: Allotment money excluding premium (9-5) Application money received and forfeited per share |
4 3 |
2. Since, share premium remains unpaid, securities A/c has been debited at the time of forfeiture of shares.
3. Shares, if originally issued at premium and forfeited need not to be issued at original premium.
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 45 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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