Question no 50 Chapter 1 - Unimax Class 12 Part 2

Question No 50 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

The solution of Question 50 Chapter 1 of +2 Part-2 : –

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

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

Anant Ltd. issued 70,000 shares of ₹ 10 each at premium of 20% payable as follows:
On application ₹ 5 (including premium); On allotment ₹ 3; and On first and final call ₹ 4.
The company received application for 90,000 shares and allotment was made as follows:
List 1 application for 50,000 shares were allotted in full.
List 2 application for 25,000 shares were allotted Nil shares.
A shareholder to whom 200 shares were allotted under list I paid full amount due on shares along with allotment money. Another shareholder holding 600 shares were subsequently reissued as fully paid @11 per share.
Expenses of issued on come to ₹ 20,000 which were fully written off against off against securities premium A/c.
Pass journal entries in the books of the company.

The solution of Question 50 Chapter 1 of +2 Part-2 : –

Journal
Books of of Sakshi

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		4,50,000
	To share application A/c				4,50,000
	(Being application money received on 90,000 shares)
	Share application A/c	Dr.		4,50,000
	To share capital A/c				2,10,000
	To security premium reserve A/c				1,40,000
	To share allotment A/c				25,000
	To Bank A/c				75,000
	(Being application money transferred)
	Shares allotment A/c	Dr.		2,10,000
	To shares capital A/c				2,10,000
	(Being allotment due on 70,000 shares @ ₹ 3 per share)
	Bank A/c	Dr.		1,85,800
	To shares allotment A/c				1,85,800
	To calls in advance A/c				800
	(Being allotment money received 70,000 shares @ ₹ 3)
	Shares first & final call A/c	Dr.		2,80,000
	To share capital A/c				2,80,000
	(Being first & final call due on 70,000 shares @ ₹ 4 per share)
	Bank A/c	Dr.		2,77,600
	Calls in advance A/c	Dr.		800
	To shares first & final call A/c				2,78,400
	(Being first & final call except on 600 shares @ ₹ 4)
	Share capital A/c	Dr.		6,000
	To shares capital A/c				2,400
	To forfeited shares A/c				3,600
	(Being forfeited of 600 shares for non-payment of first & final call)
	Bank A/c	Dr.		5,500
	To share capital A/c				5,500
	To securities premium reserve A/c				500
	(Being reissued of 500 shares @ ₹ 11 per share)
	Shares forfeited A/c	Dr.		3,000
	To capital reserve A/c				3,000
	(Being profit on 500 reissued shares transferred to capital reserve)
	Share issued expenses A/c	Dr.		20,000
	To bank A/c				20,000
	(Being expenses incurred on issued of shares)
	Securities premium reserve A/c	Dr.		20,000
	To shares issued expenses A/c				20,000
	(Being shares issued expenses written off against securities premium reserve)