Question no 38 Chapter 1 - Unimax Class 12 Part 2

Question No 38 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

The solution of Question 38 Chapter 1 of +2 Part-2: –

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

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

Money Ltd. forfeited 2,000 shares of ₹ 10 each issued at par for the non-payment the final call of ₹ 2 per shares. These shares were reissued @ ₹ 7 per share fully paid up. Pass the necessary journal entries in the books of the company.
(capital reserve = ₹ 10,000)

The solution of Question 38 Chapter 1 of +2 Part-2: –

Journal

Date	Particulars		L.F.	Debit	Credit
	Shares capital A/c	Dr.		20,000
	To Shares forfeited A/c				16,000
	To shares final call A/c				4,000
	(Being 2,000 shares forfeited for non-payment of final call money)
	Bank A/c	Dr.		14,000
	Shares forfeited A/c	Dr.		6,000
	To Share capital A/c				20,000
	(Being reissued of 2,000 shares @ 7)
	Shares forfeited A/c	Dr.		10,000
	To Capital reserve A/c				10,000
	(Being transfer of forfeited shares account to capital reserve A/c)