Question no 56 Chapter 1- Class 12 Part 2 Unimax

Question no 56 Chapter 1- Class 12 Part 2 Unimax

TAXMECO Limited has issued capital of 2,00,000 equity shares of ₹ 20 each, on which ₹ 17.50 per share has been called up.
Calls In arrears in respect of 200 shares held by P amounted to ₹ 1,000 on September 30, 2022.
Record journal entries in the books of TAXMECO Limited to record the above.

The solution of Question no 56 Chapter 1- Class 12 Part 2 Unimax: -

Journal
 Books of M/s BHAWANA LTD.

Date	Particulars		L.F.	Debit	Credit
	Equity shares capital A/c	Dr.		3,500
	To call in arrears A/c				1,000
	To share forfeited A/c				2,500
	(Being 200 shares forfeited due to non-payment of calls)
	Bank A/c	Dr.		2,500
	Share forfeited A/c	Dr.		1,000
	To Equity Share Capital A/c				3,500
	(Being 200 shares reissued)
	Shares forfeited A/c	Dr.		1,500
	To capital reserve A/c				1,500
	(Being profit on 200 forfeited shares transferred to capital reserve A/c)

Working Note: