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Question No 55 Chapter 1 - Unimax Class 12 Part 2 - 2021
Gautam Plastics Limited has an authorised capital of ₹ 5,00,000 divided into shares of ₹ 20.
On these, 8,000 shares were issued as fully paid in payment of building purchase.
16,000 shares were subscribed for by the public and during the year 2022, ₹ 10 per share was called up payable ₹ 4 on application, ₹ 3 on allotment, ₹ 2 on first call and ₹ 2 on second call.
The amounts received in respect of these shares were as follows:
On 12,000 shares fully amount called:
| On 2,500 shares | ₹ 8 per share |
| On 1,000 shares | ₹ 6 pre share |
| On 500 shares | ₹ 4 per share |
The directors forfeited 1,500 shares on which less than ₹ 8 per share has paid.
Give journal and cash book entries recording the capital transaction of the company.
Bank A/c
|
Date |
Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
|---|---|---|---|---|---|---|---|
| To Share application A/c | 64,000 | By Balance C/d | 1,48,000 | ||||
| To Share allotment A/c | 31,000 | ||||||
| To Share first call A/c | 29,000 | ||||||
| To Second and final call A/c | 24,000 | ||||||
| 1,48,000 | 1,48,000 |
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Building A/c | Dr. | 1,60,000 | |||
| To share capital A/c | 1,60,000 | ||||
| (Being 8,000 shares issued to vend or for the payment of building purchase) | |||||
| Shares Application A/c | Dr. | 64,000 | |||
| To Share capital A/c | 64,000 | ||||
| (Being application money transferred to share capital A/c) | |||||
| Share Allotment A/c | Dr. | 32,000 | |||
| To Shares capital A/c | 32,000 | ||||
| (Being allotment money due on 16,000 share @ ₹ 2 per share) | |||||
| Share firs calls A/c | Dr. | 32,000 | |||
| To share capital A/c | 32,000 | ||||
| (Being first call money due on 16,000 shares @ ₹ 2 per share) | |||||
| Second call A/c | Dr. | 32,000 | |||
| To Share capital A/c | 32,000 | ||||
| (Being second call money due on 16,000 shares @ ₹ 2 per share) | |||||
| Shares capital A/c | Dr. | 15,000 | |||
| To share forfeited A/c | 8,000 | ||||
| To share allotment A/c | 1,000 | ||||
| To share first call A/c | 3,000 | ||||
| To share second call A/c | 3,000 | ||||
| (Being 1500 shares forfeited due on non-payment of allotment, 1st call and 2nd call money) | |||||
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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.
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