Question no 54 Chapter 1 – UNIMAX Class 12 Part 2 – 2021

Question no -54 Chapter no-1 Unimax Class-12 Part-II
Question no -54 Chapter no-1 Unimax Class-12 Part-II

Question No  54 Chapter 1 – Unimax Class 12 Part 2 – 2021

Hero Honda limited made an issue of 1,00,000 equity shares of ₹ 10 each, payable as follows:

On application ₹ 2.50 per share
On allotment ₹ 2.50pre share
On call ₹ balance amount

Member holding 400 shares did not pay the call money and shares are duly forfeited 200 of the forfeited shares were reissued as fully paid at ₹ 5 per share.
Draft necessary journal entries prepare shares capital and forfeited shares accounts in the books.

The solution of Question 54 Chapter 1 of +2 Part-2: –

Journal
 Books of APJ Limited

Date   Particulars
L.F. Debit Credit
  Bank A/c Dr.   2,50,000  
  To Equity Shares Application A/c       2,50,000
  (Being application money received on 1,00,000 shares @ ₹ 2.5 per share)        
  Equity shares Application A/c Dr.   2,50,000  
  To Equity share capital A/c     2,50,000
  (Being share application money transferred to equity share capital A/c)        
  Equity share Allotment A/c Dr.   2,50,000  
  To Equity shares capital A/c     2,50,000
  (Being allotment money due on 1,00,000 shares @ ₹ 2.5 per share)        
  Bank A/c Dr.   2,50,000  
  To Equity Share Allotment A/c     2,50,000
  (Being receipt of allotment money on 1,00,000 shares @ ₹ 2.5 per share)        
  Equity shares first and final A/c Dr.   5,00,000  
  To Equity share capital A/c     5,00,000
  (Being the amount due for first and final call on 1,00,000 equity shares @ ₹ 5 per share)      
  Bank A/c Dr.   4,98,000  
  To Equity share first and final call A/c     4,98,000
  (Being the receipt on first and final call money on 99,600 shares @ ₹ 5 per share)      
  Equity share capital A/c Dr.   4000  
  To share forfeited A/c     2,000
  To equity share 1st & final call A/c     2,000
  (Being 400 shares forfeited due to non-payment of 1st & final call money)      
  Bank A/c Dr.   1,000  
  Share forfeited A/c Dr.   1,000  
  To equity share capital A/c     2,000
  (Being 200 share forfeited reissued as fully paid at ₹ 5 per share)      

Share capital A/c

Date

Particulars J.F. Amount Date Particulars J.F. Amount
  Equity            
  To share forfeited A/c   2,000   By Share application A/c   2,50,000
  To shares 1st & final call A/c   2,000   By Share first & final call A/c   5,00,000
          By bank A/c   1,000
  To Balance c/d   9,98,000   By share forfeited A/c   1,000
          By equity share allotment A/c   2,50,000
               
               
      10,02,000       10,02,000
          To Balance b/d   9,98,000

Share capital A/c

Date Particulars J.F. Amount Date Particulars J.F. Amount
  To equity share capital A/c   1,000   By equity share capital A/c   2,000
  To Balance c/d   1,000        
      2,000       2,000
          To Balance b/d   1,000

Thanks, Please Like and share with your friends  

Comment if you have any Doubts.

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

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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

Question 1 Chapter 1 of +2-B
T.S. Grewal’s Analysis of Financial Statements

Advertisement-X

Advertisement

error: Content is protected !!