Question no 82 Chapter 1 - UNIMAX Class 12 Part 2

Question No 82 Chapter 1 – UNIMAX Class 12 Part 2 – 2021

Table of Contents

The solution of Question 82 Chapter 1 of +2 Part-2: –

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

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

Gopal Limited’ invited application for issuing 70,000 equity shares of 10 each at a premium of 10 per share. The amount was payable as follows:

On application & allotment	₹ 10 per share (including 5 premium)
On first & final call	₹ 10 per share (including 5 premium)

Applications for 1,00,000 shares were received. Application for 20,000 shares were rejected and application money was refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess application money received from applicants to whom shares were allotted on pro-rata basis was adjusted towards sums due on first and final call. All calls were made and were duly received except the first and final call money from Kamal who had applied for 1,800 shares. His shares were forfeited. The forfeited shares were reissued at ₹ 9 per shares as fully paid up.
Pass necessary journal entries for the above transactions in the books of Gopal Limited:

The solution of Question 82 Chapter 1 of +2 Part-2: –

Journal

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		10,00,000
	To Equity share application & allotment A/c				10,00,000
	(Being money received on 1,00,000 application @ ₹ 10 each including ₹ 5 premium)
	Equity shares application & allotment A/c	Dr.		10,00,000
	To Equity shares capital A/c				3,50,000
	To Securities premium reserve A/c				3,50,000
	To Equity share 1st & final call A/c				1,00,000
	To Bank A/c				2,00,000
	(Being application money transferred to capital & SHARE 1ST & final call A/c & Extra amount refund)
	Share 1st & final call A/c	Dr.		7,00,000
	To Equity shares capital A/c				3,50,000
	To Securities premium reserve A/c				3,50,000
	(Being 1st & final call money due on 70,000 shares @ ₹ 10 including ₹ 5 premium)
	Bank A/c	Dr.		5,86,500
	To Equity share 1st & final call A/c				5,86,500
	(Being amount received on final call except on 1,575 shares)
	Share capital A/c	Dr.		15,750
	Securities premium reserve A/c	Dr.		7,875
	To Share forfeited A/c				10,125
	To Share first & final call A/c				13,500
	(Being 1,575 shares forfeited for non-payment first call and final call)
	Bank A/c	Dr.		14,175
	Share forfeited A/c	Dr.		1,575
	To share capital A/c				15,750
	(Being 1,575 shares reissued @ 9)
	Share forfeited A/c	Dr.		8,550
	To capital reserve A/c				8,550
	(Being forfeited amount transfer to capital reserve)