Question No 54 Chapter 1 – Unimax Class 12 Part 2 – 2021
Table of Contents
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 |
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Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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