Question no 52 Chapter 1- Unimax Class 12 Part 2

Question No 52 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

The solution of Question 52 Chapter 1 of +2 Part-2: –

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

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

Twinkle company issued 1,00,000 shares of ₹ 10 each payable as ₹ 3 on application, 2 on allotment, 2 on 1st call and 3 on the final call.
The public applied for 1,62,000 shares. The shares were allotted on a pro-rata basis to the applicants of 1,50,000. All shareholders paid the allotment money excepting one shareholder who was allotted 200 shares. These shares were forfeited. The first call was made thereafter. The forfeited shares were reissued @ 9 per share ₹ 8 paid up. The final call was not yet made. Pass journal entries.

The solution of Question 52 Chapter 1 of +2 Part-2: –

Journal
Books of of Sakshi

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		4,86,000
	To Shares Application A/c				4,86,000
	(Being application money received on 1,62,000 shares @ ₹ 3 PR share)
	Shares Application A/c	Dr.		4,86,000
	To Share capital A/c				3,00,000
	To share allotment A/c				1,50,000
	To Bank A/c				36,000
	(Being application money transferred)
	Share Allotment A/c	Dr.		2,00,000
	To Shares capital A/c				2,00,000
	(Being allotment due on 1,00,000 shares @ ₹ 2 per share)
	Bank A/c	Dr.		49,900
	To Share Allotment A/c				1,85,000
	(Being allotment money received 99,800 shares)
	Share capital A/c	Dr.		1,000
	To shares allotment A/c				100
	To shares forfeited A/c				900
	(Being forfeited of 200 shares for non-payment of allotment money)
	Shares first call A/c	Dr.		1,99,600
	To share capital A/c				1,99,600
	(Being first call due on 99,800 shares @ ₹ 2 per share)
	Bank A/c	Dr.		1,99,600
	To shares first call A/c				1,99,600
	(Being first call except on 99,800 shares @ ₹ 2)
	Bank A/c	Dr.		1,800
	To share capital A/c				1,400
	To securities premium reserve A/c				400
	(Being reissued of 200 shares @ ₹ 9 per share; ₹ 7 paid up)
	Shares forfeited A/c	Dr.		900
	To capital reserve A/c				900
	(Being transfer of profit on reissue)