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Question No 37 Chapter 1 – Unimax Class 12 Part 2 – 2021
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Table of Contents
Alok Ltd. forfeited 300 shares of ₹ 10 each, fully called up, help by Ram for non-payment of allotment money of ₹ 3 per shares and final call money of ₹ 4 per shares. Out of these shares 250 were reissued to sham for a total payment of ₹ 2,000. Given journal entries for forfeiture and reissue.
The solution of Question 37 Chapter 1 of +2 Part-2: –
Journal Entries
In the books of M/s Alok Ltd.
| Date | Particulars | L.F. | Debit | Credit | |
| Shares capital A/c | Dr. | 3,000 | |||
| To Shares forfeited A/c | 900 | ||||
| To Shares allotment A/c | 900 | ||||
| To shares final call A/c | 1,200 | ||||
| (Being 300 shares forfeited due to non-payment of allotment and final call money) | |||||
| Bank A/c | Dr. | 2,000 | |||
| Shares forfeited A/c | Dr. | 500 | |||
| To Share capital A/c | 2500 | ||||
| (Being 250 forfeited shares reissued as fully paid for ₹ 2000) | |||||
| Shares forfeited A/c | Dr. | 250 | |||
| To Capital reserve A/c | 250 | ||||
| (Being profit on 250 forfeited shares transferred to capital reserve A/c) | |||||
Working Note:
1. Calculate of amount transferred to capital reserve A/c
| Amount forfeited on 300 shares | = ₹ 900 |
| Amount forfeited on 250 shares | =₹ 900/300 x 250 = 750 |
| Less: Discount allowed on reissued shares | = ₹ 500 |
| Balance creditors to capital reserve A/c | = 250 |
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Share Capital: Meaning, Types, and Classes
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
