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Question no 41 Chapter 1 – Unimax Class 12 Part 2 – 2021

Question no -41 Chapter no-1 Unimax Class-12 Part-II
Question no -41 Chapter no-1 Unimax Class-12 Part-II

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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.DebitCredit
 Bank A/cDr. 1,500 
 To Shares Application A/c   1,500
 (Being application money received on 600 shares @ ₹ 2.50 per share)    
 Shares Application A/cDr. 1,500 
 To Share capital A/c  1,500
 (Being application money transfer to share capital a/c)    
 Share Allotment A/cDr. 1,200 
 To Shares capital A/c  1,200
 (Being allotment money due on 600 shares @ ₹ 2 per share)    
 Bank A/cDr. 1,000 
 Calls in arrear A/cDr. 200 
 To Share Allotment A/c  1,200
 (Being receipt of allotment money on 500 shares @ ₹ 2 per share)    
 Shares first call A/cDr. 1,800 
 To Share capital A/c  1,800
 (Being first call money due on 600 shares @ ₹ 3 per share)   
 Bank A/cDr. 900 
 Calls in arrears A/cDr.  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/cDr. 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/cDr. 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/cDr. 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/cDr. 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/cDr. 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/cDr. 5,400 
 Shares forfeited A/cDr. 600 
 To share capital A/c  6,000
 (Being 600 forfeited shares reissued at 10% discount)   
 Share forfeited A/cDr. 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

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

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

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Question 1 Chapter 1 of +2-B
T.S. Grewal’s Analysis of Financial Statements

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