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Question 31 Chapter 8 of +2-Part-1
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31. (Forfeiture Entries) A company had allotted 2,000 shares to Maninder. The face value of shares is Rs. 100 and the premium is 20%. Application money is Rs. 30 including 50% premium and allotment is Rs. 50 (including balance of premium). The rest of face value is called on first and final call. Maninder had applied for 2,200 shares. His excess application money is retained for allotment. He did pay any amount did not pay any amount after application.
Pass forfeiture entry
The solution of Question 31 Chapter 8 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| A) | Share capital A/c (2000X 100) | Dr. | 2,00,000 | ||
| Securities Premium Reserve A/c (2000X 10) | Dr. | 20,000 | |||
| To Share Allotment A/c | 94,000 | ||||
| To Share First & Final call A/c | 80,000 | ||||
| To Share Forfeited A/c | 46,000 | ||||
| (Being 2000 shares fortified) | |||||
Working notes : –
| (1) Excess application money to be adjusted on allotment | |
| Total Application money received (2,200 × 30) | 66,000 |
| Less: Adjusted towards application (2,000 × 30) | 60,000 |
| Excess Application money to be adjusted to allotment | 6,000 |
| (2) Amount not received on allotment: | |
| Total allotment money due from Maninder (2,000 × 50) | 1,00,000 |
| Less: Advance Application money adjusted | 6,000 |
| Amount not received on allotment | 94,000 |
It all about Question 31 Chapter 8 of +2-Part-1, If you have any problem please comment below.
Forfeiture of shares – Its accounting Entries
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Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum
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Chapter No. 8 – Company Accounts (Share Capital)
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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
Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 14 – Accounting Ratios
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Chapter No. 15 – Cash Flow Statement
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- 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
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1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
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