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Question No 67 Chapter 1 - UNIMAX Class 12 Part 2 - 2021
A company offered 10,000 shares of ₹ 10,000 each payable as follows:
On application ₹ 3, on allotment ₹ 2, on first call ₹ 3, on second call ₹ 2, public has applied for 13,000 shares. Shares were allotted on pro-rata to the application of 12,000 shares. All the shareholder have paid the amount up to allotment except Mohan, the allotted of 200 share. His shares were for forfeited. First call was then made. Forfeited shares were reissued @ ₹ 9 per share, ₹ 8 called up. You are required to make the cash book and journal.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Shares Application A/c | Dr. | 39,000 | |||
| To Share capital A/c | 30,000 | ||||
| To Share allotment A/c | 6,000 | ||||
| To Bank A/c | 3,000 | ||||
| (Being share application a/c closed after adjusting excess amount allotment) | |||||
| Share Allotment A/c | Dr. | 20,000 | |||
| To Shares capital A/c | 20,000 | ||||
| (Being share allotment money due on 10,000 shares @ ₹ 2 per share) | |||||
| Share capital A/c | Dr. | 1,000 | |||
| To Share Allotment A/c | 280 | ||||
| To Share forfeited A/c | 720 | ||||
| (Being 200 share forfeited for non-payment of allotment money) | |||||
| Shares first & final call A/c | Dr. | 29,400 | |||
| To Share capital A/c | 29,400 | ||||
| (Being first & final call money due on 9800 shares) | |||||
| Share forfeited A/c | Dr. | 720 | |||
| To Capital reserve A/c | 720 | ||||
| (Being balance forfeited shares transferred to capital reserve A/c) | |||||
| Date | Particulars |
Amount | Date | Particulars | Amount |
|---|---|---|---|---|---|
| To share application A/c | 39,000 | By Share application A/c | 3000 | ||
| To share allotment A/c | 13,720 | By Balance c/d | 80,920 | ||
| To share first & final call A/c | 29,400 | ||||
| To Securities premium A/c | 200 | ||||
| To share capital A/c | 1600 | ||||
| 83,920 | 83,920 | ||||
| Total b/d | 83,920 |
Working Note:
| Shares applied | Shares allotted | |
| Lot 1 | 1000 | Nil |
| Lot 2 | 12,000 | 10,000 |
| 13,000 | 10,000 |
1 Table showing adjustment of excess amount received on application.
| Lot 1 | Lot 2 | total | |
| No. of shares applied | 1000 | 12000 | 13,000 |
| Less: no. of shares allotted | Nil | 10,000 | 10,000 |
| Over subscription | 1,000 | 2,000 | 3,000 |
| ₹ | ₹ | ₹ | |
| Excess amount received on application | 3000 | 6,000 | 9000 |
| Less: amount adjusted on allotment | Nil | 6,000 | 6,000 |
| Refunded to be made | 3000 | Nil | 3,000 |
2 Calculation of unpaid amount on allotment on 200 shares held by Mohan
| No. of shares applied by a Mohan | 240shares |
| ₹ | |
| Amount received on application @ ₹ 3 (240*3) | 720 |
| Less: actual application amount on 200 shares allotted to Mohan (200*3) | 600 |
| Amount to be adjusted on allotment | 120 |
| ₹ | |
| Amount due on allotment from Mohan (200*2) | 400 |
| Less: amount already received now to be adjusted | 120 |
| Unpaid amount on 200 shares of Ram on allotment | 280 |
3 Net Amount received on allotment
| ₹ | |
| Total amount due on allotment (10,000 *2) | 20,000 |
| Less: amount already adjusted an allotment | 6,000 |
| 14,000 | |
| Less: unpaid amount received on allotment | 280 |
| Net amount received on allotment | 13,720 |
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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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