Question no 54 Chapter 1 - UNIMAX Class 12 Part 2

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

Table of Contents

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

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

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

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

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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