Question 39 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part

Question 39 Chapter 8 of +2-Part-1

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The solution of Question 39 Chapter 8 of +2 Part-1: –

39. (Prorata Allotment/Forfeiture/Reissue) Indian Oil Company issued 20,000 shares of RS. 10 each payable Rs. 2 on application; Rs. 4 on allotment and balance in two equal calls. It received applications for 24,000 shares. The pro-rata allotment was made on applied shares. Excess application money was retained.
Kuljeet who was allotted 500 shares did not pay allotment money and two subsequent calls. His shares were forfeited and reissued at Rs. 8 per share fully paid up.
Pass necessary entries.

The solution of Question 39 Chapter 8 of +2 Part-1: –

Day 178 Solution of Questions 36 to 39 Share Capital Chapter 8 Accounts Part B class 12 PSEB

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Journal
Date	Particulars		L.F.	Debit	Credit
A)	Bank A/c (24,000 X 2)	Dr.		48,000
	To Share Application A/c				48,000
	(Being the receipt of application money on 24,000 shares @ Rs.2 per share )

B)	Share Application A/c	Dr.		48,000
	To Share capital A/c				40,000
	To Share allotment l A/c				8,000
	(Being the application money Adjusted )

C)	Share Allotment A/c	Dr.		80,000
	To Share capital A/c				80,000
	(Being allotment money due on allotment of 20,000 shares @ Rs. 4 per share )

D)	Bank A/c	Dr.		70,200
	To Share allotment A/c				70,200
	(Being balance allotment money received on 19,500 shares)

E)	Share first Call A/c	Dr.		40,000
	To Share capital A/c				40,000
	(Being amount due on first call)

F)	Bank A/c	Dr.		39,000
	To Share final Call A/c				39,000
	(Being amount received on final call of 48,500 share )

G)	Share final Call A/c	Dr.		40,000
	To Share capital A/c				40,000
	(Being amount due on final call )

H)	Bank A/c	Dr.		39,000
	To Share final Call A/c				39,000
	(Being amount received on final call of 19500 share )

I)	Share capital A/c	Dr.		5,000
	To Share Allotment A/c				1,800
	To Share first call A/c				1,000
	To Share Second final call A/c				1,000
	To Share Forfeited A/c				1,200
	(Being 500 shares fortified)

J)	Bank A/c (500 X 8 )	Dr.		4,000
	Share Fortified A/c (500X2)	Dr.		1,000
	To Share capital A/c				5,000
	(Being 500 shares reissued)

K)	Share Fortified A/c	Dr.		200
	To Capital Reserve A/c				200
	(Being balance in share fortified transferred to capital reserve)

Working Notes :

Shares applied by Kuljeet= (24,000/20,000 )X 500 = 600 share

Excess app. Money paid by Kuljeet = 100 X 2 = Rs. 200

Amount due from Kuljeet on allotment = 500 X 4 = Rs. 4,000

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Less Advance App. Money received = Rs. 200

Amount not paid by Kuljeet on allotment = Rs 1,800

It all about Question 38 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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Question 36 Chapter 8 of +2-Part-1 – USHA Publication

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

Question 39 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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

Question 41 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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Question 48 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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Chapter No. 8 – Company Accounts (Share Capital)

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