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Question no 64 Chapter 1 – UNIMAX Class 12 Part 2 – 2021

Question no -64 Chapter no-1 Unimax Class-12 Part-II
Question no -64 Chapter no-1 Unimax Class-12 Part-II

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Question No  64 Chapter 1 – UNIMAX  Class 12 Part 2 – 2021

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On application₹ 3
On allotment₹ 4
On first & final callThe balance

Application were received for 55,000 shares. Allotments were made on the following basis:
(1) To applications for 35,000 shares in full.
(2) To applications for 20,000 shares 15,000 shares.
Excess money paid on application was utilized towards allotment money.
A shareholder who was allotted 1,500 shares out of the group applying for 20,000 shares failed to pay allotment money and money due on calls. These shares were forfeited 1,000 forfeited shares were reissued as fully paid on receipt of ₹ 8 per share.
Show the journal entries in the books of the company.

The solution of Question 64 Chapter 1 of +2 Part-2: –

Journal
 Books of Sakshi

Date  Particulars
L.F.DebitCredit
 Bank A/cDr. 1,65,000 
 To share application A/c   1,65,000
 (Being application money received on 55,000 shares @ ₹ 3 each)    
 Share application A/cDr. 1,65,000 
 To share capital A/c  1,50,000
 To share allotment A/c  15,000
 (Being share application a/c closed after adjusting excess amount on allotment)    
 Shares allotment A/cDr. 2,00,000 
 To shares capital A/c  2,00,000
 (Being allotment money due on 50000 shares @ ₹ 4 each)    
 Bank A/cDr. 1,80,500 
 To shares allotment A/c  1,80,500
 (Being allotment money received with exception of 1500 shares)    
 Share first & final call A/cDr. 1,50,000 
 To shares capital A/c  1,50,000
 (Being first & final call money due on 50000 shares @ ₹ 3 each)   
 Bank A/cDr. 1,45,500 
 To share first & final call A/c  1,45,500
 (Being first & final call received of with exception of 1500 shares @ 3 each)   
 Share capital A/cDr. 15,000 
 To share first & final call A/c  4,500
 To share forfeited A/c  6,000
 To share allotment A/c  4,500
 (Being 1500 shares forfeited for non-payment of allotment and call money)    
 Bank A/cDr. 8,000 
 Share forfeited A/cDr. 2,000 
 To share capital A/c   10,000
 (Being 1000 share reissued @ ₹ 8 per share)    
 Share forfeited A/cDr. 2,000 
 To capital reserve A/c   2,000
 (Being balance of share forfeited a/c transferred to capital reserve A/c)    

Working Note:

 Shares appliedShares allotted
Lot 135,00035,000
Lot 220,00015,000
 55,00050,000

1 Table showing adjustment of excess amount received on application.

 Lot 1Lot 2total
No. of shares applied35,00020,00055,000
Less: No. of shares allotted 35,00015,00050,000 
Over subscriptionNil 5,0005,000
    
 
Excess amount received on application @ ₹ 3 eachNil15,00015,000
Less: amount adjusted on allotmentNil15,00015,000
Refunded to be madeNilNilNil

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2 Calculation of unpaid amount on allotment on 1500 shares held by a Share holder

No. of shares applied by a Share holder2000shares
 
Amount received on application @ ₹ 3 (2000*3)6,000
Less: actual application amount on 1500 shares allotted to Share holder (1500*3)4500
Amount to be adjusted on allotment1500
 
Amount due on allotment from Shareholder (1500*4)6,000
Less: amount already received now to be adjusted1500
Unpaid amount on 8000 shares of Ram on allotment4500

3 Net Amount received on allotment

 
Total amount due on allotment (50,000 *4)2,00,000
Less: amount already adjusted an allotment15,000
 1,85,000
Less: unpaid amount received on allotment4500
Net amount received on allotment1,80,500

4 Calculation of amount to be transferred to Capital Reserve

  
 Amount forfeited on 1000 shares of shareholder 4000
Less: loss on reissued of 1000 shares of a shareholder (1000*2) 2000
Less: loss on reissued of 1000 shares of a shareholder (1000*2) 2000

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Share Capital: Meaning, Types, and Classes

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

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Question 1 Chapter 1 of +2-B
T.S. Grewal’s Analysis of Financial Statements

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