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

Question 40 Chapter 8 of +2-Part-1

40. (Prorata Allotment/Forfeiture/Reissue) A Limited Company invites 50,000 equity shares of Rs. 10 each payable as follows:
On application Rs.3
On allotment RS. 4
On first call Rs. 2
On final call the balance.
Applications were received for 55,000 shares. Allotments were made on the following basis:
(i)To applicants for 35,000 shares-in full.
(ii)To applicants for 20,000 shares-15,000 shares.
Excess money paid on application was utilized towards allotment money. A shareholder who was allotted 1,500 shares out of the group applying for 20,000 shares failed to pay allotment money and money due on calls. These shares were forfeited. 1,000,forfeited shares were re-issued as fully paid on receipt of Rs. 8 per share.
Required: Show the journal entries in the books of company.

The solution of Question 40 Chapter 8 of +2 Part-1: –

Day 179 Solution of Questions 40 to 43 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	Dr.		1,65,000
	To Equity Share Application A/c				1,65,000
	(Being the receipt of application money on 55,000 shares @ Rs.3 per share )

B)	Equity Share Application A/c	Dr.		1,65,000
	To Equity Share capital A/c				1,50,000
	To Equity Share allotment A/c				15,000
	(Being the transfer of application money of 50,000 shares )

C)	Equity Share Allotment A/c	Dr.		2,00,000
	To Equity Share capital A/c				2,00,000
	(Being allotment money due on allotment of 50,000 shares @ Rs. 4 per share )

D)	Bank A/c	Dr.		1,80,500
	To Equity Share allotment A/c				1,80,500
	(Being balance allotment money received on 48,500 shares)

E)	Equity Share first Call A/c	Dr.		1,00,000
	To Equity Share capital A/c				1,00,000
	(Being amount due on first call of 50,000 share @ Rs. 2 per share)

F)	Bank A/c	Dr.		97,000
	To Equity Share first Call A/c				97,000
	(Being amount received on final call of 19500 share )

G)	Equity Share Second & final Call A/c	Dr.		50,000
	To Equity Share capital A/c				50,000
	(Being amount due on final call of 48,500 share)

H)	Bank A/c (19,600 X 3)	Dr.		48,500
	To Equity Share Second & final Call A/c				48,500
	(Being amount received on final call of 48,500 share

I)	Equity Share capital A/c	Dr.		15,000
	To Equity Share Allotment A/c				4,500
	To Equity Share first call A/c				3,000
	To Equity Share Second final call A/c				1,500
	To Equity Share Forfeited A/c				6,000
	(Being 1500 shares fortified as per board reso. No.)

J)	Bank A/c (500 X 8 )	Dr.		8,000
	Share Fortified A/c (500X2)	Dr.		2,000
	To Equity Share capital A/c				10,000
	(Being 400 shares reissued @ 20 % discount )

K)	Share Fortified A/c (6,000 X 1,000/15,000-2,000)	Dr.		2,000
	To Capital Reserve A/c				2,000
	(Being balance in share fortified transferred to capital reserve)

It all about Question 40 Chapter 8 of +2-Part-1, If you have any problem please comment below.

Forfeiture of shares – Its accounting Entries

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Question 35 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 36 Chapter 8 of +2-Part-1 – USHA Publication

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Question 39 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

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

Question 42 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 43 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 44 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 45 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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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

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