Question no 52 Chapter 1- Unimax Class 12 Part 2 - 2021

Question No  52 Chapter 1 - Unimax Class 12 Part 2 - 2021

Twinkle company issued 1,00,000 shares of ₹ 10 each payable as ₹ 3 on application, 2 on allotment, 2 on 1st call and 3 on the final call.
The public applied for 1,62,000 shares. The shares were allotted on a pro-rata basis to the applicants of 1,50,000. All shareholders paid the allotment money excepting one shareholder who was allotted 200 shares. These shares were forfeited. The first call was made thereafter. The forfeited shares were reissued @ 9 per share ₹ 8 paid up. The final call was not yet made. Pass journal entries.

The solution of Question 52  Chapter 1 of +2 Part-2: -

Journal
Books of of Sakshi

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		4,86,000
	To Shares Application A/c				4,86,000
	(Being application money received on 1,62,000 shares @ ₹ 3 PR share)
	Shares Application A/c	Dr.		4,86,000
	To Share capital A/c				3,00,000
	To share allotment A/c				1,50,000
	To Bank A/c				36,000
	(Being application money transferred)
	Share Allotment A/c	Dr.		2,00,000
	To Shares capital A/c				2,00,000
	(Being allotment due on 1,00,000 shares @ ₹ 2 per share)
	Bank A/c	Dr.		49,900
	To Share Allotment A/c				1,85,000
	(Being allotment money received 99,800 shares)
	Share capital A/c	Dr.		1,000
	To shares allotment A/c				100
	To shares forfeited A/c				900
	(Being forfeited of 200 shares for non-payment of allotment money)
	Shares first call A/c	Dr.		1,99,600
	To share capital A/c				1,99,600
	(Being first call due on 99,800 shares @ ₹ 2 per share)
	Bank A/c	Dr.		1,99,600
	To shares first call A/c				1,99,600
	(Being first call except on 99,800 shares @ ₹ 2)
	Bank A/c	Dr.		1,800
	To share capital A/c				1,400
	To securities premium reserve A/c				400
	(Being reissued of 200 shares @ ₹ 9 per share; ₹ 7 paid up)
	Shares forfeited A/c	Dr.		900
	To capital reserve A/c				900
	(Being transfer of profit on reissue)

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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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication