Question no 36 Chapter 1 - Unimax Class 12 Part 2

Question No 36 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

The solution of Question 36 Chapter 1 of +2 Part-2: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

800 shares of ₹ 10 each issued at par were forfeited for the non-payment of final call of ₹ 2 per share. These shares were reissued at ₹ 8 per share fully paid up.

The solution of Question 36 Chapter 1 of +2 Part-2: –

Journal Entries
In the books of M/s Naveen Ltd.

Date	Particulars		L.F.	Debit	Credit
	Shares capital A/c	Dr.		8000
	To Shares forfeited A/c				6400
	To shares final call A/c				1600
	(Being 800 shares forfeited due to non-payment final call money)
	Bank A/c	Dr.		6400
	Shares forfeited A/c	Dr.		1600
	To Share capital A/c				8000
	(Being 800 forfeited shares reissued at ₹ 8 per shares fully paid up)
	Shares forfeited A/c	Dr.		4800
	To Capital reserve A/c				4800
	(Being profit on 800 forfeited shares transferred to capital reserve A/c)

Working Note:

1. Calculate of amount transferred to capital reserve A/c

Amount forfeited on 800 shares	= ₹ 6400
Amount forfeited on 800 shares	=₹ 6400/800 x 800=6400
Less: Discount allowed on reissued shares	= ₹ 1600
Balance creditors to capital reserve A/c	= 4800