Question no 51 Chapter 1 - Unimax Class 12 Part 2

Question No 51 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

The solution of Question 51 Chapter 1 of +2 Part-2: –

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

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

Sugandh a exports Ltd. invited application for 10,000 equity shares of ₹ 10 each for public subscription. The amount payable on shares is as under:

On application	₹ 1 per share
On allotment	₹ 2 per share
On first call	₹ 3 per share
On second call	₹ 4 per share

All money payable on application, allotment and calls have been duly received with the following exceptions:
A who hold 100 shares failed to pay the money on allotment and calls.
B to whom 50 shares have been allotted failed to pay the money on first and final call.
C who holds 30 shares has not paid the amount due on final call.
The shares of A, B and C were forfeited and reissued at ₹ 10 per share fully paid.
Pass journal entries in the books of Sugandh a exports Ltd. including bank transactions.

The solution of Question 51 Chapter 1 of +2 Part-2: –

Journal
Books of of Sakshi

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		10,000
	To equity share application A/c				10,000
	(Being application money received on 10000 equity shares @ ₹ 1 per shares)
	Equity share application A/c	Dr.		10,000
	To equity share capital A/c				10,000
	(Being application money transferred to shares capital a/c)
	Equity shares allotment A/c	Dr.		20,000
	To equity shares capital A/c				20,000
	(Being allotment money due on 10000 equity shares @ ₹ 2 per shares)
	Bank A/c	Dr.		19,800
	Calls in arrears A/c	Dr.		200
	To equity shares allotment A/c				20,000
	(Being allotment money received on 9900 equity shares @ ₹ 2 PR share)
	Equity shares first call A/c	Dr.		30,000
	To equity share capital A/c				30,000
	(Being first call due on 10000 equity shares @ ₹ 3 per share)
	Bank A/c	Dr.		29,550
	Calls in arrears A/c	Dr.		450
	To equity shares first call A/c				30,000
	(Being first call received on 9850 equity shares @ ₹ 3 per share)
	Equity shares seconds & final call A/c	Dr.		40,000
	To equity shares capital A/c				40,000
	(Being second & final call due on 10000 equity shares @ ₹ 4 per share)
	Bank A/c	Dr.		39,280
	Calls in arrear A/c	Dr.		720
	To equity shares 2nd & final call A/c				40,000
	(Being second & final call money received on 9820 equity shares @ ₹ 4 per share)
(A)	Equity share capital A/c	Dr.		1,000
	To shares forfeited A/c				100
	To calls in arrears A/c				900
	(Being 100equity share of A forfeited due to non-payment of calls)
(B)	Equity share capital A/c	Dr.		500
	To Forfeited shares A/c				150
	To Calls in arrear A/c				350
	(Being 50 shares of B, forfeited due to non-payment of calls)
(c)	Equity shares capital A/c	Dr.		300
	To share forfeited A/c				180
	To Calls in arrear A/c				120
	(Being 30equity shares of C forfeited due to non-payment of calls)
	Bank A/c	Dr.		1,800
	To share capital A/c				1,800
	(Being 180 shares reissued)
	Share forfeited A/c	Dr.		430
	To Capital reserve A/c				430
	(Being the profit on 180 shares forfeited transferred to capital reserve a/c)

Working Note:

Total Amount forfeited on 180 shares	= (100+150+180)
	₹ 430
Less: Discount allowed on reissued shares	= Nil
Balance credited to capital reserve A/c	= ₹ 430