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Question no 63 Chapter 1 – UNIMAX Class 12 Part 2 – 2021

Question no -63 Chapter no-1 Unimax Class-12 Part-II
Question no -63 Chapter no-1 Unimax Class-12 Part-II

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Question No  63 Chapter 1 – UNIMAX  Class 12 Part 2 – 2021

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Radhika Textiles Ltd. invited applications for 75,000 equity shares of ₹ 10each issued at a premium of ₹ 4 per share. The amount was payable as follows:

On application ₹ 4 (including ₹ 2 premium)
On allotment ₹ 5 (including ₹ 2 premium)
Balance on first and final call.
Application for 1,00,000 shares was received. The allotment was made to all the applicants on a pro-rata basis.
Komal to whom 300 shares were allotted failed to pay allotment and call money. Sumeet to whom 150 shares were allotted failed to pay the call money. These shares were forfeited. The forfeited shares were reissued @ ₹ 8 per share fully paid up.
Pass the necessary journal entries.

The solution of Question no 63 Chapter 1 – UNIMAX of +2 Part-2: –

Journal
 Books of Sakshi

Date  Particulars
L.F.DebitCredit
 Bank A/cDr. 5,00,000 
 To share application A/c   5,00,000
 (Being application money received on 1,00,000 shares @ ₹ 5 each)    
 Share application A/cDr. 5,00,000 
 To share capital A/c  2,25,000
 To share allotment A/c  1,50,000
 To securities premium A/c  1,25,000
 (Being share application a/c closed after adjusting excess amount on the allotment and securities premium)    
 Shares allotment A/cDr. 3,75,000 
 To share capital A/c  2,25,000
 To securities premium A/c  1,50,000
 (Being allotment money due on 75000 shares @ ₹ 3 each including security premium @ ₹ 2 each)    
 Bank A/cDr. 2,49,000 
 To share allotment A/c  2,49,000
 (Being allotment money received on 75000 shares except 300 shares)    
 Share first & final call A/cDr. 3,00,000 
 To share capital A/c  3,00,000
 (Being first & final call money due on 75000 shares @ ₹ 4 each)   
 Bank A/cDr. 2,98,200 
 To share the first & final call A/c  2,98,200
 (Being the first & final call received of the exception of 450 shares @ 4 each)   
 Share capital A/cDr. 3000 
 Securities premium A/cDr.  600 
 To share first & final call A/c  1200
 To share forfeited A/c  1400
 To share allotment A/c  1000
 (Being 300 shares forfeited for non-payment of allotment and call money)   
 Share capital A/cDr. 1500 
 To share first & final call A/c   600
 To share forfeited A/c   900
 (Being 150 shares forfeited for non-payment of allotment and final call)    
 Bank A/cDr. 3600 
 Share forfeited A/cDr.  900 
 To share capital A/c   4500
 (Being 450 share reissued @ ₹ 8 per share)    
 Share forfeited A/cDr. 1400 
 To capital reserve A/c   1400
 (Being balance of share forfeited a/c transferred to capital reserve A/c)    

Working Note:

 Shares appliedShares allotted
Lot 11,00,00075,000
 1,00,00075,000

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1 Table showing adjustment of the excess amount received on the application.

 Lot 1total
No. of shares applied1,00,0001,00,000
Less: no. of shares allotted75,00075,000
Oversubscription25,00025,000
   
 
The excess amount received on application @ ₹ 5 each1,25,0001,25,000
Less: amount adjusted on allotment1,25,0001,25,000
Refunded to be madeNilNil

2 Calculate the unpaid amount on the allotment of 100 shares held by Sunder.

No. of shares applied by Punet400 shares
 
Amount received on application @ ₹ 5 (400*5)2,000
No. of shares allotted to Ram 300 shares 
Less: actual application amount on 300 shares allotted to Punet (300*5)1500
Amount to be adjusted on allotment500
 
Amount due on allotment from Punet (300*5)1500
Less: The amount already received is now to be adjusted500
Unpaid amount on 300 shares of Sunder on allotment1000

3 Net Amount received on allotment

 
Total amount due on allotment (75000 *5)3,75,000
Less: amount already adjusted an allotment1,25,000
 2,50,000
Less: unpaid amount received on the allotment1000
Net amount received on the allotment2,49,000

4 Calculation of amount to be transferred to Capital Reserve

  
Total amount forfeited 2300
Less: loss on reissued of shares 900
Amount transferred to capital reserve 1400

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