Question no 47 Chapter 1- Unimax Class 12 Part 2 - 2021

Question No  47 Chapter 1 - Unimax Class 12 Part 2 - 2021

Pass journal entries in the following cases:
M limited forfeited 2,000 equity shares of ₹ 10 each, issued at a premium of ₹ 5 per shares held by ram for non-payment of the final call of ₹ 3 per shares Of these, 100 shares were reissued to VISHU at a discount of ₹ 4 per shar.

The solution of Question 47 Chapter 1 of +2 Part-2: -

In the books of M/S M. Ltd.
Journal entries

Date	Particulars		L.F.	Debit	Credit
	Equity Shares capital A/c	Dr.		20,000
	To Shares allotment A/c				600
	To shares forfeited A/c				1,400
	(Being 2000 equity shares forfeited due to non-payment of final call money)
	Bank A/c	Dr.		600
	Shares forfeited A/c	Dr.		400
	To Equity share capital A/c				1,000
	(Being 100 equity shares reissued at a discount of ₹ 4 PR share)
	Shares forfeited A/c	Dr.		300
	To Capital reserve A/c				300
	(Being profit on 100 forfeited equity shares transferred to capital reserve)

Working Note:

1. Calculate of Amount Transferred to Capital Reserve

Amount forfeited on 200 equity shares	= ₹ 1400
Amount forfeited on 100 equity shares	= 14,00/2,000  x  100 = 700
Less: Discount allowed on reissued shares	=400
Balance credited to capital reserve A/c	=₹ 300

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Usha Publication - Accountancy PSEB (Class 12) - Volume I - Solution

• Chapter No. 1 – Accounting Not for Profit Organisations
• Chapter No. 2 – Partnership Accounts – I (Introduction)
• Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
• Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
• Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
• Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
• Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
• Chapter No. 8 – Company Accounts (Share Capital)
• Chapter No. 9 – Company Accounts (Issue of Debentures)
• Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication - Accountancy PSEB (Class 12) - Volume II - Solution

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

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