Question 29 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Q-29 - CH-8 - Usha +2 Book 2018 - Solution-min
Q-29 - CH-8 - Usha +2 Book 2018 - Solution-min

Question 29 Chapter 8 of +2-Part-1

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: –

Day 177 Solution of Questions 29 to 35 Share Capital Chapter 8 Accounts Part B class 12 PSEB

Face value share =Rs. 100

Premium =Rs. 25

Total Price =Rs. 125

App. Money =Rs. 30

Allotment money =Rs. 55

App. Money + Allotment money  =Rs. 85

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Balance in two equal installments [(125-85)= 40/2 =20]  =Rs. 125

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

Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 8 – Company Accounts (Share Capital) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

Question 05 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 15 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 21 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 30 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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Question 40 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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Question 51 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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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)

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Chapter No. 10 – Company Accounts (Redemption of Debentures)

Chapter No. 11 – Financial Statements of a Company

Chapter No. 12 – Financial Statement Analysis

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

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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