Question 34 Chapter 8 of +2-Part-1
34. Journalise the following transactions in the books of Poonam Ltd. :
(i) (Issue at Premium/Forfeiture/Reissue at Premium) 50 shares of Rs. 10 each issued at a premium of Rs. 5 each payable with allotment were forfeited for the non payment of allotment money of Rs. 9 per share including premium. The first and final call on these shares at Rs. 3 per share were not made. The forfeited shares were re issued @ Rs. 12 per share fully paid up.
(ii) (Issue at Par/Reissue at Discount) 1000 shares of Rs. 10 each issued at par were forfeited for the non payment of the final call of Rs. 2 per share. These shares were re issued @ Rs. 8 per share fully paid up
The solution of Question 34 Chapter 8 of +2 Part-1: –
Journal |
|||||
Date | Particulars |
L.F. | Debit | Credit | |
A) | Share capital A/c (50 X 7) | Dr. | 350 | ||
Securities Premium Reserve A/c (50X 5) | Dr. | 250 | |||
To Share Allotment A/c (50X 9) | 450 | ||||
To Share Forfeited A/c (50X 3) | 150 | ||||
(Being forfeiture of 50 shares due to non receipt of allotment money @ RS. 9 per share ) | |||||
Bank A/c (50X 12) | Dr. | 600 | |||
To Share Capital A/c (50X 10) | 500 | ||||
To Securities Premium Reserve A/c (50X 2) | 100 | ||||
(Being reissue of 50 share at premium of Rs. 2 per share ) | |||||
Share Fortified A/c (150- Nil) | Dr. | 150 | |||
To Capital Reserve A/c | 150 | ||||
(Being balance in share fortified transferred to capital reserve) | |||||
B) | Share capital A/c ( 1000 X 10) | Dr. | 10,000 | ||
To Share Forfeited A/c ( 1000 X 8) | 8,000 | ||||
To Share final call A/c ( 1000 X 2) | 2,000 | ||||
(Being forfeitures of 1000 shares for non receipt of Final call of Rs. 2 per share ) | |||||
Bank A/c (1000 X 8 ) | Dr. | 8,000 | |||
Share Fortified A/c (1000X2) | Dr. | 2,000 | |||
To Share capital A/c (10,000 X 10) | 10,000 | ||||
(Being fortified shares issued at discount ) | |||||
Share Fortified A/c (8000-2000) | Dr. | 6,000 | |||
To Capital Reserve A/c | 6,000 | ||||
(Being balance in share fortified transferred to capital reserve) |
It all about Question 34 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
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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
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
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