Question no 68 Chapter 1 - UNIMAX Class 12 Part 2

Question No 68 Chapter 1 – UNIMAX Class 12 Part 2 – 2021

Table of Contents

The solution of Question 68 Chapter 1 of +2 Part-2: –

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

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

On February 1, 2022 the directors of Alpha Limited issued 5,00,000 equity shares ₹ 10 each at ₹ 12 per share, payable ₹ 5 on application (including premium), ₹ 4 on allotment and the balance on 1st May, 2022.
The lists closed on February 10, 2022 by which date applications for 7,00,000 shares. Of the cash received ₹ 4,00,000 was returned and ₹ 6,00,000 was applied to the amount due on allotment, the balance of which was paid on February.
All shares paid the call due on may 2022 with the exception for one allotted of 500 shares. These shares were forfeited on September 29, 2022 and reissued at fully paid at ₹ 8 per share on November 1, 2022.
Record journal entries regarding these shares capital transferred in the books of alpha Limited.

The solution of Question 68 Chapter 1 of +2 Part-2: –

Journal

Date	Particulars		L.F.	Debit	Credit
2022
Feb.10	Bank A/c	Dr.		35,00,000
	To share application A/c				35,00,000
	(Being application money received on 7,00,000 shares @ ₹ 5 each)
Feb.10	Share application A/c	Dr.		35,00,000
	To share capital A/c				15,00,000
	To share allotment A/c				6,00,000
	To securities premium A/c				10,00,000
	To bank A/c				4,00,000
	(Being share application a/c closed after adjusting excess amount received on allotment and balance refunded)
Feb.16	Shares allotment A/c	Dr.		20,00,000
	To shares capital A/c				20,00,000
	(Being allotment money due on 5,00,000 shares @ ₹ 4 each)
Feb.16	Bank A/c	Dr.		14,00,000
	To shares allotment A/c				14,00,000
	(Being allotment money received)
May 1	Share first & final call A/c	Dr.		15,00,000
	To shares capital A/c				15,00,000
	(Being first & final call money due on 500000 shares @ ₹ 3 each)
May 1	Bank A/c	Dr.		14,98,500
	To share first & final call A/c				14,98,500
	(Being first & final call received of with exception of 500 shares)
Sep.29	Share capital A/c	Dr.		5000
	To share first & final call A/c				1500
	To share forfeited A/c				3500
	(Being 500 shares forfeited for non-payment of shares first & final call)
Nov.1	Bank A/c	Dr.		4000
	Share forfeited A/c	Dr.		1000
	To share capital A/c				5000
	(Being 500 share reissued @ ₹ 8 per share)
	Share forfeited A/c	Dr.		2500
Nov.1	To capital reserve A/c				2500
	(Being balance of share forfeited a/c transferred to capital reserve A/c)