Question no 59 Chapter 1 - UNIMAX Class 12 Part 2

Question No 59 Chapter 1 – UNIMAX Class 12 Part 2 – 2021

Table of Contents

The solution of Question 59 Chapter 1 of +2 Part-2: –

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

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

A company issued 1,000 shares of ₹ 100 each, at a premium of ₹ 5 per share, payable as under:

On application	₹ 30
On allotment	₹ 25 (including premium)
On first call	₹ 20
On final call	₹ 30

Applications were received for 900 shares and allotment was made in full. A shareholder failed to pay the first call on his 100 shares. These shares were forfeited and reissued at ₹ 60 per share, considering as ₹ 70 per share paid up. Final call has not been made.
Make entries in the cash book and the journal.

The solution of Question 59 Chapter 1 of +2 Part-2: –

Cash book

Date	Particulars	Amount	Date	Particulars	Amount
	To share application A/c	27,000		By balance c/d	71,500
	To share allotment A/c	22,500
	To share first call A/c	16,000
	To share capital A/c	6,000
		71,500			71,500

Journal
Books of of Sakshi

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		27,000
	To share application A/c				27,000
	(Being application money received on 900 share)
	Share application A/c	Dr.		27,000
	To share capital A/c				27,000
	(Being application money transferred to share capital a/c)
	Shares allotment A/c	Dr.		22,500
	To shares capital A/c				18,000
	To securities premium reserve A/c				4,500
	(Being allotment money due on 9,000 shares @ ₹ 25 per share including premium of ₹ 5 per share)
	Bank A/c	Dr.		22,500
	To shares allotment A/c				22,500
	(Being allotment money received)
	Share first call A/c	Dr.		18,000
	To shares capital A/c				18,000
	(Being first call money due on 900 shares @# ₹ 20 per share)
	Bank A/c	Dr.		16,000
	Calls in arrears A/c	Dr.		2000
	To share first call A/c				18,000
	(Being share first call money received on 100 shares)
	Share capital A/c	Dr.		7,000
	To share first call A/c				2,000
	To share forfeited A/c				5,000
	(Being 100 shares forfeited due to non-payment of first call)
	Bank A/c	Dr.		6,000
	Share forfeited A/c	Dr.		1,000
	To share capital A/c				7,000
	(Being forfeited shares reissued at ₹ 60, considering ₹ 70 paid up)
	Share forfeited A/c	Dr.		4,000
	To capital reserve A/c				4,000
	(Being the profit on 100 share forfeiture transferred to capital reserve A/c)