Question 46 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part

Question 46 Chapter 8 of +2-Part-1 – USHA

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The solution of Question 46 Chapter 8 of +2 Part-1 – USHA

46. (Issue at Premium/Prorata Allotment/Forfeiture) PCS Ltd. issued a prospectus inviting application for 20,000 shares of Rs. 10 each at a premium of Rs. 2 per share payable as follows:
on application Rs. 5 (including premium)
on allotment Rs.4
on call Rs. 3
Applications were received for 30,000 shares and allotment was made Prorata to applicant. for 24.000 shares. Excess money paid on application for these shares was utilised towards payment of allotment money. Vishal who applied for 600 shares failed to pay the allotment money and on his subsequent failure to pay the call, his shares were forfeited .Pass the necessary entries in the books of PCS Ltd.

The solution of Question 46 Chapter 8 of +2 Part-1 – USHA

Day 180 Solution of Questions 44 45 & 46 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.		1,50,000
	To Share Application A/c				1,50,000
	(Being the receipt of application money)

B)	Share Application A/c	Dr.		1,50,000
	To Share capital A/c				60,000
	To Security Premium Reserve A/c				40,000
	To Share allotment A/c				20,000
	To Bank A/c				30,000
	(Being 20,000 shares allotted )

C)	Share allotment A/c	Dr.		80,000
	To Share capital A/c				80,000
	(Being amount due on allotment)

D)	Bank A/c	Dr.		58,500
	Calls in arrears A/c	Dr.		1,500
	To Share allotment A/c				60,000
	(Being amount received on allotment)

E)	Share Call A/c	Dr.		60,000
	To Share capital A/c				60,000
	(Being amount due on first call)

F)	Bank A/c	Dr.		58,500
	Calls in arrears A/c	Dr.		1,500
	To Share allotment A/c				60,000
	(Being amount received on call)

Working Notes :

Shares applied = 24,000/20,000 X 600 = 720 shares

Excess app. money retained for allotment
(720 X 5) – (600X5) = Rs. 600

Allotment not received on 600 shares
600 X 4		2,400
Less : Retained		600
Not received		1,800
Allotment received:
Total amount due		80,000
Less : Already received	20,000
Less : not received	1,800	21,800
		58,200
Amount credited to share forfeited A/c
Received on application : 720 X 5		3,600
Less : Adjustment on premium :600 X 2		1,200
		2,400

Note: Premium received Rs. 1,200 can’t be forfeited

This is all about the Question 46 Chapter 8 of +2-Part-1 – USHA

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Question 19 B 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 22 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 24 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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Question 25 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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Question 46 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 27 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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Question 30 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 31 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 32 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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

Question 3 Chapter 8 of +2-Part-1 – USHA Publication

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

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

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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

Question 47 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 48 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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Question 51 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 52 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 53 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

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