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

Question 51 Chapter 8 of +2-Part-1

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The solution of Question 51 Chapter 8 of +2 Part-1: –

51. (Prorata Allotment/Forfeiture/Reissue) Z Ltd. invited applications for issuing 2,00,000equity shares of Rs. 25 per share. The amount was payable as follows:
On Application and allotment Rs. 10 per share Balance on first and final balance amount. Applicants for 2,50,000 shares were received. Applications for 25,000 shares were rejected and shares were allotted on pro-rata basis to the remaining applicants. All calls were made and were duly received except the first and final call on 2,000 shares allotted to Vijay. His shares were forfeited. The forfeited shares were reissued @ Rs. 30 per share fully paid up.
Pass necessary journal entries in the books of the company

The solution of Question 51 Chapter 8 of +2 Part-1: –

Day 183 Solution of Questions 50 & 51 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( 2,50,000 X 10)	Dr.		25,00,000
	To Share Application Allotment A/c				25,00,000
	(Being the receipt of application money)

B)	Share Application A/c	Dr.		25,00,000
	To Share capital A/c				20,00,000
	To Share first & Final A/c				2,50,000
	To Bank A/c (25,000 X 10)				2,50,000
	(Being 2,00,000 shares allotted on pro-rata basis & money refunded on 25,000 rejected )

C)	Share final Call A/c	Dr.		30,00,000
	To Share capital A/c				30,00,000
	(Being final due on 2,00,000 shares @ Rs. 15 )

D)	Bank A/c	Dr.		27,22,500
	Calls in arrears A/c	Dr.		27,500
	To Share final A/c				27,50,000
	(Being amount received on final call )

E)	Share capital A/c	Dr.		50,000
	To Share Forfeited A/c				27,500
	To Calls in Arrears A/c				22,500
	(Being 2,000 shares fortified)

F)	Bank A/c	Dr.		60,000
	To Share capital A/c				50,000
	To Securities Premium A/c				10,000
	(Being 2,000 shares reissued)

G)	Share Fortified A/c	Dr.		22,500
	To Capital Reserve A/c				22,500
	(Being balance in share fortified transferred to capital reserve)

Working Notes:

Shares applied by Vijay = 2,25,000/2,00,000X2,000=2,250 shares

Application & Allotment Money received 2,250 X 10	22,500
Less : Application money adjusted on 2,000 shares X 10 )	20,000
Retained for call	2,500
Total final due (2,00,000 X 15 )	30,00,00
Less : Already Retained	2,50,000
Less : not Received from Vijay on call ( 2,000 X 15) – 2,500	27,500
Not Received on call	27,22,500

It all about Question 51 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 01 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 02 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

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

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Question 04 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 05 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 07 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 08 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 09 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 10 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 11 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

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

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

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Question 14 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 15 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 17 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 18 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

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

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

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

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

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

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Question 20 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 21 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

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

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Question 23 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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

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

Question 26 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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

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

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Question 29 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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

Question 33 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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

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

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

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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

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

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

Question 49 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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Question 50 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

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

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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)

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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