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

Question no -68 Chapter no-1 Unimax Class-12 Part-II
Question no -68 Chapter no-1 Unimax Class-12 Part-II

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

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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.DebitCredit
2022     
Feb.10Bank A/cDr. 35,00,000 
 To share application A/c   35,00,000
 (Being application money received on 7,00,000 shares @ ₹ 5 each)    
Feb.10Share application A/cDr. 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.16Shares allotment A/cDr. 20,00,000 
 To shares capital A/c  20,00,000
 (Being allotment money due on 5,00,000 shares @ ₹ 4 each)    
Feb.16Bank A/cDr. 14,00,000 
 To shares allotment A/c  14,00,000
 (Being allotment money received)    
May 1Share first & final call A/cDr. 15,00,000 
 To shares capital A/c  15,00,000
 (Being first & final call money due on 500000 shares @ ₹ 3 each)   
May 1Bank A/cDr.  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.29Share capital A/cDr. 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.1Bank A/cDr. 4000 
 Share forfeited A/cDr. 1000 
 To share capital A/c   5000
 (Being 500 share reissued @ ₹ 8 per share)    
 Share forfeited A/cDr.  2500 
Nov.1To capital reserve A/c   2500
 (Being balance of share forfeited a/c transferred to capital reserve A/c)    

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T.S. Grewal’s Analysis of Financial Statements

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