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Question 27 Chapter 8 of +2-Part-1
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Table of Contents
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.
- Amit paid Rs. 3 on his 50 shares.
- Sumit paid Rs. 5 on his 100 shares.
- 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.
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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
- 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
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