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Question 29 Chapter 8 of +2-Part-1
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29. (a) (Forfeiture of Shares) Amritsar Textiles forfeited 250 shares of Rs. 100 each issued at premium of Rs. 25. Amount payable Rs. 30 on application: Rs. 55 on allotment (including premium) and the balance in two equal installments. The shareholder has not paid the allotment and subsequent two calls. Pass entry for forfeiture.
(b) (Forfeiture of Shares) What difference will be there if the two call are not received by the company in the above questions
The solution of Question 29 Chapter 8 of +2 Part-1: –
Face value share =Rs. 100
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Premium =Rs. 25
Total Price =Rs. 125
App. Money =Rs. 30
Allotment money =Rs. 55
App. Money + Allotment money =Rs. 85
Balance in two equal installments [(125-85)= 40/2 =20] =Rs. 125
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| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| A) | Share capital A/c (250X 100) | Dr. | 25,000 | ||
| Securities Premium Reserve A/c (250X 25) | Dr. | 6,250 | |||
| To Share Forfeited A/c (250 X 30) | 7,500 | ||||
| To Calls in arrears A/c (250 X 95) | 23,750 | ||||
| (Being 250 shares of Rs. 100 each issued at premium of Rs. 25 each fortified for non payment & two calls) | |||||
| B) | Share capital A/c (250X 100) | Dr. | 25,000 | ||
| To Share Forfeited A/c (250 X 60) | 15,000 | ||||
| To Calls in arrears A/c (250 X 40) | 10,00 | ||||
| (Being 250 shares of Rs. 100 each fortified for non payment of two calls of Rs. 50) | |||||
It all about Question 29 Chapter 8 of +2-Part-1, If you have any problem please comment below.
Forfeiture of shares – Its accounting Entries
End of Solution
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Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 2 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
Chapter No. 11 – Financial Statements of a Company
Chapter No. 12 – Financial Statement Analysis
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Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 14 – Accounting Ratios
Chapter No. 15 – Cash Flow Statement
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
Check out Part 1 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 1, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 1 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication
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