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

Question no -51 Chapter no-1 Unimax Class-12 Part-II
Question no -51 Chapter no-1 Unimax Class-12 Part-II

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

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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.DebitCredit
 Bank A/cDr. 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/cDr. 10,000 
 To equity share capital A/c  10,000
 (Being application money transferred to shares capital a/c)    
 Equity shares allotment A/cDr. 20,000 
 To equity shares capital A/c  20,000
 (Being allotment money due on 10000 equity shares @ ₹ 2 per shares)    
 Bank A/cDr. 19,800 
 Calls in arrears A/cDr. 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/cDr. 30,000 
 To equity share capital A/c  30,000
 (Being first call due on 10000 equity shares @ ₹ 3 per share)   
 Bank A/cDr. 29,550 
 Calls in arrears A/cDr.  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/cDr. 40,000 
 To equity shares capital A/c  40,000
 (Being second & final call due on 10000 equity shares @ ₹ 4 per share)   
 Bank A/cDr. 39,280 
 Calls in arrear A/cDr. 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/cDr. 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/cDr. 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/cDr. 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/cDr. 1,800 
 To share capital A/c  1,800
 (Being 180 shares reissued)   
 Share forfeited A/cDr. 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

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T.S. Grewal’s Analysis of Financial Statements

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