Question no 67 Chapter 1 - UNIMAX Class 12 Part 2

Question No 67 Chapter 1 – UNIMAX Class 12 Part 2 – 2021

Table of Contents

The solution of Question 67 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 offered 10,000 shares of ₹ 10,000 each payable as follows:
On application ₹ 3, on allotment ₹ 2, on first call ₹ 3, on second call ₹ 2, public has applied for 13,000 shares. Shares were allotted on pro-rata to the application of 12,000 shares. All the shareholder have paid the amount up to allotment except Mohan, the allotted of 200 share. His shares were for forfeited. First call was then made. Forfeited shares were reissued @ ₹ 9 per share, ₹ 8 called up. You are required to make the cash book and journal.

The solution of Question 67 Chapter 1 of +2 Part-2: –

Journal

Date	Particulars		L.F.	Debit	Credit
	Shares Application A/c	Dr.		39,000
	To Share capital A/c				30,000
	To Share allotment A/c				6,000
	To Bank A/c				3,000
	(Being share application a/c closed after adjusting excess amount allotment)

	Share Allotment A/c	Dr.		20,000
	To Shares capital A/c				20,000
	(Being share allotment money due on 10,000 shares @ ₹ 2 per share)

	Share capital A/c	Dr.		1,000
	To Share Allotment A/c				280
	To Share forfeited A/c				720
	(Being 200 share forfeited for non-payment of allotment money)

	Shares first & final call A/c	Dr.		29,400
	To Share capital A/c				29,400
	(Being first & final call money due on 9800 shares)

	Share forfeited A/c	Dr.		720
	To Capital reserve A/c				720
	(Being balance forfeited shares transferred to capital reserve A/c)

Date	Particulars	Amount	Date	Particulars	Amount
	To share application A/c	39,000		By Share application A/c	3000
	To share allotment A/c	13,720		By Balance c/d	80,920
	To share first & final call A/c	29,400
	To Securities premium A/c	200
	To share capital A/c	1600
		83,920			83,920
	Total b/d	83,920

Working Note:

	Shares applied	Shares allotted
Lot 1	1000	Nil
Lot 2	12,000	10,000
	13,000	10,000

1 Table showing adjustment of excess amount received on application.

	Lot 1	Lot 2	total
No. of shares applied	1000	12000	13,000
Less: no. of shares allotted	Nil	10,000	10,000
Over subscription	1,000	2,000	3,000

	₹	₹	₹
Excess amount received on application	3000	6,000	9000
Less: amount adjusted on allotment	Nil	6,000	6,000
Refunded to be made	3000	Nil	3,000

2 Calculation of unpaid amount on allotment on 200 shares held by Mohan

No. of shares applied by a Mohan	240shares
	₹
Amount received on application @ ₹ 3 (240*3)	720
Less: actual application amount on 200 shares allotted to Mohan (200*3)	600
Amount to be adjusted on allotment	120
	₹
Amount due on allotment from Mohan (200*2)	400
Less: amount already received now to be adjusted	120
Unpaid amount on 200 shares of Ram on allotment	280

3 Net Amount received on allotment

	₹
Total amount due on allotment (10,000 *2)	20,000
Less: amount already adjusted an allotment	6,000
	14,000
Less: unpaid amount received on allotment	280
Net amount received on allotment	13,720