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Question no 43 Chapter 1 – Unimax Class 12 Part 2 – 2021

Question no -43 Chapter no-1 Unimax Class-12 Part-II
Question no -43 Chapter no-1 Unimax Class-12 Part-II

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Question No  43 Chapter 1 – Unimax Class 12 Part 2 – 2021

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Guru limited issued 1,000 shares of ₹ 100 each. All the money were received except for 100 shares on which ₹ 90 was received per share. These 100 shares were forfeited and 50 shares were reissued forfeited and 50 shares were reissued for ₹ 80 each fully paid up.
Show the forfeited shares account and the balance sheet as at closing date.

The solution of Question 43 Chapter 1 of +2 Part-2: –

ParticularsAmountParticularsAmount
To Share capital A/c (50*20)1,000By share capital A/c (100*90)9,000 
To capital reserve A/c (50*70)3,500  
To Balance c/d4,500  
    
Total 9,000 9,000

Balance Sheet
As At ………

Particulars
Note
No.
Amount
Equity and Liabilities  
(A) Shareholder’s funds  
(1) share capital199,500
(2) reserve and surplus23,500
  1,03,000
   
Assets  
(A) Current Assets  
(1) Cash & Cash equivalents31,03,000
  1,03,000

Note to Amounts

Particulars
1 share capital 
Authorized capital 
…….. equity share of @ ₹ 100 each………
Issued capital: 
1,000 Equity shares ₹ 100 each1,00,000
Subscribed capital 
Subscribed and fully paid up 
950 equity shares @ 100 each95,000
Add forfeited shares (9,000-4,500)4,500
 99,500
2 Reserve and Surplus 
Capital reserve3,500
3 Cash & Cash Equivalents 
Cash at bank1,03,000

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Working Note: 1

Journal entries on forfeiture and reissue:

Shares capital A/c (100*100)Dr.10,000 
To calls in arrears A/c (100*10)  1,000
To shares forfeited A/c (100*90)  9,000
Bank A/c (50*80)Dr. 4,000 
Shares forfeited A/c (50*20)Dr.1,000 
To shares capital A/c (50*100) 5,000
Working Note: 2   
Shares forfeited A/cDr.3,500 
To capital reserve A/c 3,500
9,000*50/100 = 4,500-1,000   

Working Note:

Balance of ₹ 4,500 remaining in forfeited shares account, is in respect of the shares not yet reissued.

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

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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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

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