Question 34 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Q-34- CH-8 - Usha +2 Book 2018 - Solution-min
Q-34- CH-8 - Usha +2 Book 2018 - Solution-min

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: –

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

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

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Question 13 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 19D Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 28 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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Question 38 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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Question 49 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.

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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

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