Question no 53 Chapter 1 - Unimax Class 12 Part 2

Question No 53 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

The solution of Question 53 Chapter 1 of +2 Part-2: –

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

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

Pal Exports Ltd. with a shares capital of ₹ 1,00,000 divided into 2,000 shares of ₹ 50 each offers the shares to the public as under:
₹ 10 per share payable on application ; ₹ 10 per share payable on allotment ; ₹ 15 per share payable on first call ; and ₹ 15 per share payable on second call.
Shareholder ‘A’ who holds 30 shares has paid only the application money.
Shareholder ‘B’ who holder 20 shares has paid application money on 20 shares and allotment money on only 10 shares. He had paid any other calls.
Shareholder ‘C’ who holds 18 shares the paid only the application and allotment money.
Shareholder ‘D’ who holds 5 shares has paid application, allotment and first call money.
Shareholder ‘D’ who holds 3 shares has paid application, allotment and first call money in full and second call money on only 2 shares.
The company forfeited the shares of the above shareholder who have not paid the arrears.
Journalese the above transaction including entries relating to bank in the books of Paliwal exports Ltd.

The solution of Question 53 Chapter 1 of +2 Part-2: –

Journal
Books of of Sakshi

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		20,000
	To Shares Application A/c				20,000
	(Being application money received on 2000 equity shares @ ₹ 10 per shares)
	Shares Application A/c	Dr.		20,000
	To Share capital A/c				20,000
	(Being application money transferred to shares capital a/c)
	Share Allotment A/c	Dr.		20,000
	To Shares capital A/c				20,000
	(Being allotment money due on 2000 equity @ ₹ 10 per shares)
	Bank A/c	Dr.		19,600
	Calls in arrear A/c	Dr.		400
	To Share Allotment A/c				20,000
	(Being allotment money received on 1960 equity shares @ ₹ 10 PR share)
	Shares first call A/c	Dr.		30,000
	To Share capital A/c				30,000
	(Being first call due on 1960 shares @ ₹ 15 per share)
	Bank A/c	Dr.		28,980
	Calls in arrears A/c	Dr.		1020
	To Share first call A/c				30,000
	(Being first call received on 1960 shares @ ₹ 10 per share)
	Share second and final call A/c	Dr.		30,000
	To share capital A/c				30,000
	(Being second & final call money due on 2000 shares @ ₹ 15 per share)
	Bank A/c	Dr.		28,890
	Calls in Arrear A/c	Dr.		1110
	To shares 2nd & final call A/c				30,000
	(Being second & final call money received on 1926 shares @ ₹ 15 per share)
(A)	Share capital A/c	Dr.		1,500
	To share forfeited A/c				300
	To Calls in arrear A/c				1,200
	(Being 30 share of A forfeited due to non-payment of calls)
(B)	Share capital A/c	Dr.		1,000
	To Forfeited shares A/c				300
	To Calls in arrear A/c				700
	(Being shares of B, forfeited due to non-payment of calls)
(c)	Share capital A/c	Dr.		900
	To Forfeited shares A/c				360
	To Calls in arrear A/c				540
	(Being 18 shares of C forfeited due to non-payment of calls)
(D)	Share capital A/c	Dr.		250
	To Forfeited shares A/c				175
	To calls in arrears A/c				75
	(Being 5 shares of D’s forfeited due to non-payment of calls)
(E)	Share capital A/c	Dr.		150
	To Forfeited shares A/c				135
	To calls in arrears A/c				15
	(Being 3 shares forfeited due to non-payment of calls)