Question no 55 Chapter 1 - Unimax Class 12 Part 2

Question No 55 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

The solution of Question 55 Chapter 1 of +2 Part-2: –

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

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

Gautam Plastics Limited has an authorised capital of ₹ 5,00,000 divided into shares of ₹ 20.
On these, 8,000 shares were issued as fully paid in payment of building purchase.
16,000 shares were subscribed for by the public and during the year 2022, ₹ 10 per share was called up payable ₹ 4 on application, ₹ 3 on allotment, ₹ 2 on first call and ₹ 2 on second call.
The amounts received in respect of these shares were as follows:
On 12,000 shares fully amount called:

On 2,500 shares	₹ 8 per share
On 1,000 shares	₹ 6 pre share
On 500 shares	₹ 4 per share

The directors forfeited 1,500 shares on which less than ₹ 8 per share has paid.
Give journal and cash book entries recording the capital transaction of the company.

The solution of Question 55 Chapter 1 of +2 Part-2: –

Bank A/c

Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
	To Share application A/c		64,000		By Balance C/d		1,48,000
	To Share allotment A/c		31,000
	To Share first call A/c		29,000
	To Second and final call A/c		24,000
			1,48,000				1,48,000

Journal
Books of ABC Ltd.

Date	Particulars		L.F.	Debit	Credit
	Building A/c	Dr.		1,60,000
	To share capital A/c				1,60,000
	(Being 8,000 shares issued to vend or for the payment of building purchase)
	Shares Application A/c	Dr.		64,000
	To Share capital A/c				64,000
	(Being application money transferred to share capital A/c)
	Share Allotment A/c	Dr.		32,000
	To Shares capital A/c				32,000
	(Being allotment money due on 16,000 share @ ₹ 2 per share)
	Share firs calls A/c	Dr.		32,000
	To share capital A/c				32,000
	(Being first call money due on 16,000 shares @ ₹ 2 per share)
	Second call A/c	Dr.		32,000
	To Share capital A/c				32,000
	(Being second call money due on 16,000 shares @ ₹ 2 per share)
	Shares capital A/c	Dr.		15,000
	To share forfeited A/c				8,000
	To share allotment A/c				1,000
	To share first call A/c				3,000
	To share second call A/c				3,000
	(Being 1500 shares forfeited due on non-payment of allotment, 1st call and 2nd call money)