Question no 48 Chapter 1 - Unimax Class 12 Part 2

Question No 48 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

The solution of Question 48 Chapter 1 of +2 Part-2: –

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

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

(Reissued of forfeited shares which were originally issued at premium). Rama Ltd. forfeited 500 equity shares of ₹ 100 each issued at 10% premium (to be paid at the time of allotment) on which first call of ₹ 30 per equity share was not received, the second and final call of ₹ 20 per equity share was not yet called.
Give journal entries regarding forfeited and reissued of shares in each of the following alternative cases:
Case 1. If 200of these shares were reissued as ₹ 80 paid up ₹ 90 pre shares.
Case 2. If 200 of these shares were reissued as ₹ 80 called up for ₹ 80 per shares.
Case 3. If 200 of these shares were reissued as ₹ 80 paid up for ₹ 70 per shares.
Case 4. If 200 of these shares were reissued as ₹ 80 paid up for ₹ 30 per shares.
Case 5. If 200 of these shares were reissued as fully paid up for ₹ 50 per shares.

The solution of Question 48 Chapter 1 of +2 Part-2: –

Journal
Books of of Sakshi

Date	Particulars		L.F.	Debit	Credit
	Entry on forfeited of 500 shares in all cases:
	Share capital A/c	Dr.		40,000
	To Shares final call A/c (500*30)				15,000
	To forfeited shares A/c (500*50)				25,000
	(Being 500 shares forfeited for non-payment of first call money W. Note 1)
	Entries on reissued of 200 shares
Case 1	Bank A/c	Dr.		18,000
	Forfeited shares A/c	Dr.		Nil
	To Share capital A/c (200*80)				16,000
	To Securities premium reserve A/c(200*10)				2,000
	(Being 200 shares reissued as ₹ 80 paid up for ₹ 90 PR share)
	Forfeited shares A/c (25,000*200/500)	Dr.		10,000
	To Capital reserve A/c				10,000
	(Being the transfer of gain on reissued of 200 shares)
Case 2	Bank A/c (200*80)	Dr.		16,000
	Forfeited shares A/c	Dr.		Nil
	To Share capital A/c (200*80)				16,000
	(Being 200 shares reissued as ₹ 80 paid up for ₹ 80 PR share)
	Forfeited shares A/c	Dr.		10,000
	To Capital reserve A/c				10,000
	(Being the transfer of gain on reissued of 200 shares)
Case 3	Bank A/c (200*70)			14,000
	Forfeited shares A/c (200*10)			2,000
	To Share capital A/c (200*80)
	(Being 200 shares reissued as ₹ 80 paid up for ₹ 70 per share)
	Forfeited shares A/c	Dr.		8,000
	To Capital reserve A/c				8,000
	(Being the transfer of gain on reissued)
Case 4	Bank A/c (200*70)	Dr.		6,000
	Forfeited shares A/c (200*50)	Dr.		10,000
	To Share capital A/c (200*80)				16,000
	(Being 200 shares reissued as ₹ 80 paid up for ₹ 30 per share)
	Forfeited shares A/c	Dr.		Nil
	To Capital reserve A/c				Nil
Case 5	Bank A/c (200*50)	Dr.		10,000
	Forfeited shares A/c (200*50)	Dr.		10,000
	To Share capital A/c (200*100)				20,000
	(Being 200 shares reissued as fully paid up for ₹ 50 per share)
	Forfeited shares A/c	Dr.		Nil
	To Capital reserve A/c				Nil