Question no 62 Chapter 1- UNIMAX Class 12 Part 2

Question No 62 Chapter 1 – UNIMAX Class 12 Part 2 – 2021

Table of Contents

The solution of Question 62 Chapter 1 of +2 Part-2: –

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

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

X Ltd. invited applications for 2,00,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share payable as to ₹ 2 on application, ₹ 5 on allotment including premium, ₹ 2 first call and ₹ 3 on final call.
Applications were received for 3,00,000 shares. Applications for 60,000 shares were rejected and pro-rata allotment was made to the remaining application. Ram who applied for 9,600 shares, failed to pay allotment and two calls and Shyam, the holder of 12,000 shares, failed to pay two calls. These shares were forfeited. Subsequently, all these shares were reissued at ₹ 8 per share as fully paid up. Pass necessary journal entries in the books of X ltd.

The solution of Question 62 Chapter 1 of +2 Part-2: –

Journal
Books of Sakshi

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		6,00,000
	To share application A/c				6,00,000
	(Being application money received on 3,00,000 shares @ ₹ 2 per share)
	Share application A/c	Dr.		6,00,000
	To share capital A/c				4,00,000
	To share allotment A/c				80,000
	To bank A/c				1,20,000
	(Being share application a/c closed after adjusting excess amount on allotment and balance refunded)
	Shares allotment A/c	Dr.		10,00,000
	To shares capital A/c				6,00,000
	To securities premium A/c				4,00,000
	(Being allotment money due on 2,00,000 equity shares of ₹ 5 each including with premium amount)
	Bank A/c	Dr.		8,83,200
	To shares allotment A/c				8,83,200
	(Being allotment money received with exception of 3200 shares)
	Share first call A/c	Dr.		4,00,000
	To shares capital A/c				4,00,000
	(Being first call money due on 2,00,000 shares @ ₹ 2 each)
	Bank A/c	Dr.		3,60,000
	To share first call A/c				3,60,000
	(Being share first call money received with the exception of 20000 shares)
	Share 2nd call A/c	Dr.		6,00,000
	To share capital A/c				6,00,000
	(Being shares 2nd call due on 2,00,000 equity shares)
	Bank A/c	Dr.		5,40,000
	To share 2nd call A/c				5,40,000
	(Being shares 2nd call money received except on 20,000 shares)
	Share capital A/c	Dr.		2,00,000
	Securities premium A/c	Dr.		16,000
	To share first call A/c				60,000
	To share forfeited A/c				79,200
	To share allotment A/c				36,800
	(Being 20,000 shares forfeited for non-payment of allotment and call money)
	Bank A/c	Dr.		1,60,000
	Share forfeited A/c	Dr.		40,000
	To share capital A/c				2,00,000
	(Being 20,000 share received @ ₹ 8 per share)
	Share forfeited A/c	Dr.		39,200
	To capital reserve A/c				39,200
	(Being balance of share forfeited a/c transferred to capital reserve A/c)

Working Note:

	Shares applied	Shares allotted
Lot 1	60,000	Nil
Lot 2	2,40,000	2,00,000
	3,00,000	2,00,000

1 Table showing adjustment of excess amount received on application.

	Lot 1	Lot 2	total
No. of shares applied	60,000	2,40,000	3,00,000
Less: no. of shares allotted	nil	2,00,000	2,00,000
Over subscription	60,000	40,000	1,00,000

	₹	₹	₹
Excess amount received on application @ ₹ 2 each	1,20,000	80,000	2,00,000
Less: amount adjusted on allotment	nil	80,000	80,000
Refunded to be made	1,20,000	nil	1,20,000

2 Calculation of unpaid amount on allotment on 9600 shares held by Ram

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No. of shares applied by Ram	9600shares
	₹
Amount received on application @ ₹ 2 (9600*2)	19,200
No. of shares allotted to Ram 8000 shares (9600*5/6)
Less: actual application amount on 8000 shares allotted to Ram (8000*10)	8000
Amount to be adjusted on allotment	3200
	₹
Amount due on allotment from Ram (8000*5)	40,000
Less: amount already received now to be adjusted	3200
Unpaid amount on 8000 shares of Ram on allotment	36,800

3 Net Amount received on allotment

	₹
Total amount due on allotment (2,00,000 *5)	10,00,000
Less: amount already adjusted an allotment	80,000
	9,20,000
Less: unpaid amount received on allotment	36,800
Net amount received on allotment	8,83,200

4 Calculation of amount to be transferred to Capital Reserve