Question 27 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Q-27 - CH-8 - Usha +2 Book 2018 - Solution-min

Question 27 Chapter 8 of +2-Part-1

27. (Forfeiture of Shares) A company issued shares of Rs. 10 each. Amount being payable Rs. 3on application: Rs. 2 on allotment; Rs. 4 on first call and Rs. 1 on final call.

The following persons did not pay the amount. Their shares were forfeited.

  1. Amit paid Rs. 3 on his 50 shares.
  2. Sumit paid Rs. 5 on his 100 shares.
  3. Namit paid Rs. 9 on his 20 shares.
    Pass forfeiture entries.

The solution of Question 27 Chapter 8 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit
A) Share capital A/c (50X 10) Dr.   500  
  To Share Forfeited A/c (50 X 3)       150
  To Share Forfeited A/c (50 X 3)     350
  (Being forfeiture of 50 shares for non payment of allotment , first call & final call money)        
           
B) Share capital A/c (100X 10) Dr.   1,000  
  To Share Forfeited A/c (100 X 5)       180
  To Calls in arrears A/c (100X5)       20
  (Being forfeiture of 10 shares for non payment of first call & final call money )      
           
C) Share capital A/c (20X 10) Dr.   200  
  To Share Forfeited A/c (20 X 9)       72,000
  To Calls in arrears A/c (20 X 1)        
  (Being forfeiture of 20 shares for non payment of final call money )      
         

It all about Question 27 Chapter 8 of +2-Part-1, If you have any problem please comment below.

Forfeiture of shares – Its accounting Entries

You can also Check out the solved question of other Chapters: –

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

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

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

2 Book 1 min - Question 27 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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