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Question No 41 Chapter 1 – Unimax Class 12 Part 2 – 2021
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(a) A holds 100 shares of ₹ 10 each, on which he has paid only ₹ 2.50 per shares as application money
(b) B, who holds 200 shares of ₹ 10 each, has paid ₹ 2.50 paid ₹ 2 per share as application and allotment money respectively.
(c) C holds 300 shares of ₹ 10 each and has paid ₹ 2,50 per share on application, 2 per share on allotment and ₹ 3 per share on first call.
They failed to pay their arrears and the final call. Therefore, the forfeited their shares. These shares were subsequently reissued for cash at a discount of 10 per cent. Record journal entries in the books of the company to give effect to the above.
The solution of Question 41 Chapter 1 of +2 Part-2: –
Journal
Books of of Sakshi
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 1,500 | |||
| To Shares Application A/c | 1,500 | ||||
| (Being application money received on 600 shares @ ₹ 2.50 per share) | |||||
| Shares Application A/c | Dr. | 1,500 | |||
| To Share capital A/c | 1,500 | ||||
| (Being application money transfer to share capital a/c) | |||||
| Share Allotment A/c | Dr. | 1,200 | |||
| To Shares capital A/c | 1,200 | ||||
| (Being allotment money due on 600 shares @ ₹ 2 per share) | |||||
| Bank A/c | Dr. | 1,000 | |||
| Calls in arrear A/c | Dr. | 200 | |||
| To Share Allotment A/c | 1,200 | ||||
| (Being receipt of allotment money on 500 shares @ ₹ 2 per share) | |||||
| Shares first call A/c | Dr. | 1,800 | |||
| To Share capital A/c | 1,800 | ||||
| (Being first call money due on 600 shares @ ₹ 3 per share) | |||||
| Bank A/c | Dr. | 900 | |||
| Calls in arrears A/c | Dr. | 900 | |||
| To Share first call A/c | 1,800 | ||||
| (Being first call money received on 300 shares @ ₹ 3 per share) | |||||
| Share second and final call A/c | Dr. | 1,500 | |||
| To share capital A/c | 1,500 | ||||
| (Being 2nd and final call money due on 600 share @ ₹ 2.50 per share) | |||||
| Calls in Arrear A/c | Dr. | 1,500 | |||
| To Share second and final Call A/c | 1,500 | ||||
| (Being shares second and final call money did not received on 600 shares @ ₹ 2.50 per shares so calls in arrear opened) | |||||
| (A) | Share capital A/c | Dr. | 1,000 | ||
| To share forfeited A/c | 250 | ||||
| To Calls in arrear A/c | 750 | ||||
| (Being 100 shares of A forfeited due to non- payment of calls) | |||||
| (B) | Share capital A/c | Dr. | 2,000 | ||
| To share forfeited A/c | 900 | ||||
| To Calls in arrear A/c | 1,100 | ||||
| (Being 200 shares of B forfeited due to non- payment of calls) | |||||
| (c) | Share capital A/c | Dr. | 3,000 | ||
| To share forfeited A/c | 2,250 | ||||
| To Calls in arrear A/c | 750 | ||||
| (Being 300 shares of C forfeited due to non- payment of calls) | |||||
| Bank A/c | Dr. | 5,400 | |||
| Shares forfeited A/c | Dr. | 600 | |||
| To share capital A/c | 6,000 | ||||
| (Being 600 forfeited shares reissued at 10% discount) | |||||
| Share forfeited A/c | Dr. | 2,800 | |||
| To Capital reserve A/c | 2,800 | ||||
| (Being the profit on 600 forfeited shares transferred to capital reserve A/c) | |||||
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Share Capital: Meaning, Types, and Classes
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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
