# 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  1 – Unimax Class 12 Part 2 – 2021

(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: –

#### JournalBooks 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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