Question 49 Chapter 8 of +2-A - T.S. Grewal 12 Class

Question 49 Chapter 8 of +2-A – T.S. Grewal 12 Class

By Shubham Sharma 7 Min Read December 20, 2020

Question No.49. - Chapter No.8 - T.S. Grewal +2 Book 2019-Solution-min-min

Question 49 Chapter 8 of +2-A

Table of Contents

The solution of Question 49 Chapter 8 of +2-A: –

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

49. The Hindustan manufacturing ltd. had total subscribed capital of 10,00,000 in equity shares of Rs 10 each of which Rs 7.50 was called-up. A final call of Rs 2.50 was made and all amount paid except two calls of Rs 2.50 each in respect of 100 shares held by D. These shares were forfeited and reissued at Rs 8 per share.
Pass necessary journal entries (including that of cash) to record the transactions of final call, forfeiture of shares and reissue of forfeited shares. Also, prepare the balance sheet of the company.

The solution of Question 49 Chapter 8 of +2-A: –


Date	Particulars		L.F.	Debit	Credit
	Share final call A/c	Dr		2,50,000
	To Share capital A/c				2,50,000
	(Being the final call money due )
	Bank A/c	Dr		2,49,700
	Calls in arrear A/c	Dr		250
	To Share final call A/c				2,50,000
	(Being final call money received )
	Share capital A/c	Dr		1,000
	To Share second and final call A/c				500
	To forfeited shares A/c				500
	(Being share forfeited )
	Bank A/c	Dr		800
	Share forfeiture A/c	Dr		200
	To Share capital A/c				1,000
	(Being forfeited share reissue )
	Forfeited share A/c	Dr		300
	To capital Reserve A/c				300
	(Being the gain on reissue transferred to capital reserve )

Particulars	Details	Amount
I. Equity and Liabilities
1. Shareholders’ Funds
(a) Share Capital		1,00,000
(b) Reserves and Surplus		300
(c) Money Received against Share Warrants
2. Share Application Money Pending Allotment
3. Non-Current Liabilities
4. Current Liabilities

II. Assets
1.Non-Current Assets
2. Current Assets
(d) Cash and Cash equivalents		10,00,300
Total		10,00,300

Particulars	Details	Amount
Share capital
Authorized capital
1,00,000 Equity share of Rs 10each		10,00,000
Issued capital
1,00,000 equity shares of Rs 10 each		10,00,000
Subscribed capital
Subscribed and fully paid-up
1,00,000 Equity shares of Rs 10 each		10,00,000
share capital (subscribed)		10,00,000

Particulars	Details	Amount
Calculation of capital reserve

Share Forfeiture (Cr.)		500

Less: Share Forfeiture Debit		(200)


Balance in Share Forfeiture A/c		300