Question 1

Question No 1 Chapter 1 - Unimax Class 12 Part 2 - 2021

Sarbjit Singh · Accepted Answer

Question No 1 Chapter 1 - Unimax Class 12 Part 2 - 2021
The authorized capital of ABC Ltd. is ₹ 80,00,000 divided into 8,00,000 equity shares of ₹ 10 each. Out of these, the company issued ₹ 4,00,000 equity shares for subscription to the public. The Public applied for ₹ 3,70,000 equity shares and all the money was duly received. How will you show the ‘share capital A/c in the balance sheet of ABC Ltd. Also prepare ‘Note to Accounts for the same.
The solution of Question No 1 Chapter 1 - Unimax

Question 2

Question no 2 Chapter 1 - Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question no 2 Chapter 1 - Class 12 Part 2 Unimax
XYZ Ltd. is registered with capital of ₹ 30,00,000 divided into 3,00,000 equity shares of ₹ 10 each. The company issued ₹ 2,50,000 equity shares for subscription to the public. The public applied for 2,40,000 equity shares and all the money was duly received, except the final call of ₹ 3 per share on 10,000 shares. Show how share capital will appear in the Balance sheet of the company. Also, prepare ‘Note to Accounts for the same.
The solution of

Question 3

Question no 3 Chapter 1 - Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question no 3 Chapter 1 - Class 12 Part 2 Unimax
Ravi Ltd. was formed with an authorized capital of ₹ 30,00,000 divided into 30,000 shares of ₹ 100 each. The company invited applications for issuing 20,000 equity shares. The amount was payable as follows:

On Application
: ₹ 40

On Allotment
: ₹ 40

a. share capital
: ₹ 20

The issue was fully subscribed and the company allotted a share to all applicants. All money was received except the final call on 2,000 shares. Show the ‘ Share Capit

Question 4

Question no 4 Chapter 1 - Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question no 4 Chapter 1 - Class 12 Part 2 Unimax

MNC Ltd. has an authorized capital of ₹ 40,00,000 divided into 2,00,000 equity shares of each. The company invited applications for 30,000 shares. Applications for 28,000 shares received. All calls were made and were duly received except the final call of ₹ 3 per share on 2,000 shares. Show how share capital will appear in the balance sheet of the company.

The solution of Question no 4 Chapter 1 - Class 12 Part 2 Unimax: -

Balance Sheet

Question 5

Question no 5 Chapter 1 - Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question No 5 Chapter 1 - Class 12 Part 2 Unimax

On 1st April, 2022, Kavita Ltd. was formed with an authorized capital of ₹ 50,00,000 divided into 1,00,000 equity shares of ₹ 50 each. The company issued prospectus inviting application for 80,000 shares. The issued was payable as under:

On Application: ₹ 15On Allotment: ₹ 20On Call: Balance amount

The issued was fully subscribed and the company allotted shares to all the applications. The company did not make the call during the year.Sh

Question 6

Question no 6 Chapter 1 - Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question No 6 Chapter 1 - Class 12 Part 2 Unimax

Goodwill Ltd. was registered with an authorized capital of ₹ 6,00,000 divided into 60,000 equity shares of ₹ 10 each. Since the economy was in robust shape, the company decided to offer to the public for subscription 30,000 equity shares of ₹ 10 each at a premium of ₹ 20 per share. Application for 28,000 shares were received and allotment was made to all the application. All calls were made and duly received except the final call of ₹ 2 per sh

Question 7

Question no 7 Chapter 1 - Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question no 7 Chapter 1 - Class 12 Part 2 Unimax
 M Ltd. invited applications for 20,000 shares of ₹ 10 each payable as:

On Application
: ₹ 3

On Allotment
: ₹ 3

On 1st Call
: ₹ 1

On 2nd Call
:₹ 2

On 3rd Call
:₹ 1

All the shares were applied and allotted. All the money duly received. You are required to journalese these transactions.
The solution of Question no 7 Chapter 1 - Class 12 Part 2 Unimax: -
JournalBooks of M/S AB Ltd.

Date  
Particulars
L.F.
Debit
Credit

Bank A/c
D

Question 8

Question No 8 Chapter 1 - Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question No 8 Chapter 1 - Class 12 Part 2 Unimax
Anant Ltd. issued prospectus inviting applications for 20,000 shares of ₹ 10 each, payable as ₹ 3 on the application; 2 on the allotment, and ₹ 2 on the first and final call. All shares were applied for. Pass the necessary journal entries.
The solution of Question No 8 Chapter 1 - Class 12 Part 2 Unimax: -
JournalBooks of Anant Ltd.

Date  
Particulars
L.F.
Debit
Credit

A
Bank A/c
Dr.
 
60,000

To Equity Shares Application A/c
 
 
 
60,0

Question 9

Question no 9 Chapter 1 - Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question No  9 Chapter 1 - Class 12 Part 2 Unimax 
APJ Limited issued a prospectus inviting applications for 30,000 shares of ₹ 10 each, payable as: ₹ 3 on the application: ₹ 3 on allotment, and ₹ 4 on the first call.Applications were received for 30,000 shares. The allotment was made to all applicants. All dues were duly received. Give the necessary journal entries and opening balance sheets in the company’s books.
The solution of Question no 9 Chapter 1 - Class 12 Part 2 Unimax
JournalBooks o

Question 10

Question no 10 Chapter 1- Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question no 10 Chapter 1- Class 12 Part 2 Unimax
On 1st January 2022, A company was registered with a nominal capital of ₹ 5,00,000 divided into 5,000 shares of ₹ 100 each. It offered to the public 2,000 shares payable as ₹ 25 on application, ₹ 30 on allotment, ₹ 25 on first call and ₹ 20 on final call.All the shares were fully subscribed for and directors want on allotment on 1st Feb. 2020. The first call was made on 1st March and the final call on 1st May. Give journal entries in the books of

Question 11

Question no 11 Chapter 1 - Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question no 11 Chapter 1 - Class 12 Part 2 Unimax
Bharat Limited purchases certain patents from Sharp and short under an agreement dated the June 30, 2022 at a cost of ₹ 40,000 which was paid ₹ 1,000 in cash to the vendors and the balance in fully paid equity shares of ₹ 10 each.Including the shares allotted as fully paid to the vendors, the company issued capital to the extent of ₹ 75,000 consisting of ₹ 50,000 in equity shares of ₹ 10 each ( ₹ 3 on application, ₹ 3 on allotment and ₹ 4 at the

Question 12

Question no 12 Chapter 1- Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question no 12 Chapter 1- Class 12 Part 2 Unimax
A Ltd. Co. issued 10,000 shares of ₹ 100 each at a premium of ₹ 50 per shares, payable ₹ 30 per share on application. ₹ 70 per share on allotment (Including premium) ₹ 20per share on 1st call and ₹ 30 per share on the final call. All the shares were fully subscribed and all the money called duly received except the final call on 2,500 shares, Journalese.
The solution of Question 12 Chapter 1 of +2 Part-2: -
JournalBooks of ‘A’ Ltd.

Date  
Part

Question 13

Question no 13 Chapter 1- Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question no 13 Chapter 1- Class 12 Part 2 Unimax
ABC Ltd. issued 10,000 shares of ₹ 10 each at a premium of ₹ 3 per share payable as:

On application
₹ 4 (including ₹ 1 premium)

On allotment
₹ 5 (including ₹ 2 premium)

On First and Final Call
₹ 4

The application for 10,000 shares were received. All money was received as and when due. Give the necessary journal entries in the books of the company.
The solution of Question 13 Chapter 1 of +2 Part-2: -
JournalBooks of ABC Ltd.

Date  
P

Question 14

Question no 14 Chapter 1- Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question no 14 Chapter 1- Class 12 Part 2 Unimax
Star Ltd. invited application for 40,000 shares of ₹ 10 each, payments were to be made as follows: ₹ 3 on Application; ₹ 3 on Allotment: ₹ 2 on First call and ₹ 2 on final call. All the shares were applied. Pass entries in the Cash Book, Journal, Ledger and show the Balance sheet of the Company.
The solution of Question 14 Chapter 1 of +2 Part-2: -
Bank A/c

Date
Particulars
J.F.
Amount
Date 
Particulars
J.F.
Amount

To Share application A/c

Question 15

Question no 15 Chapter 1- Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question no 15 Chapter 1- Class 12 Part 2 Unimax
Sunil Ltd. issued a prospectus inviting application for 30,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable a follows: 2 on Application, ₹ 5 on the Allotment (including premium), ₹ 3 on First call and Balance on Second and final call. Application were received for 30,000 shares. All money was duly received. Pass the Journal entries and prepare cash book
The solution of Question 15 Chapter 1 of +2 Part-2: -
Bank A/c

Date
Particular

Question 16

Question no 16 Chapter 1- Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question No  16 Chapter 1 - Unimax Class 12 Part 2 - 2021
Guru Ltd. offered for subscription 20,000 equity shares of ₹ 10 each and 10,000, 10% preference shares of ₹ 10 each.1. The amount on equity shares was payable as ₹ 3 on application, 3 on allotment and ₹ 4 on first and final call.2. The amount on preference shares was payable as ₹ 4 on application, ₹ 3 on allotment and ₹ 3 on first and final call.All the shares were fully subscribed. Prepare Cash book pass the necessary journal entries an

Question 17

Question no 17 Chapter 1- Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question No  17 Chapter 1 - Unimax Class 12 Part 2 - 2021
X Ltd. invited application of 6,000 equity shares of ₹ 10 each issued at par the whole amount was payable on application. The issue was under subscribed by 1000 shares. Pass the necessary journal entries.
The solution of Question 17 Chapter 1 of +2 Part-2: -
Journal

Date  
Particulars
L.F.
Debit
Credit

Bank A/c
Dr.
 
50,000

To Share application & allotment A/c
 
 
50,000

(Being the application money received (6,000-1

Question 18

Question no 18 Chapter 1- Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question No  18 Chapter 1 - Unimax Class 12 Part 2 - 2021
X Ltd. invited application of 8,000 equity shares of ₹ 10 each issued at 40% premium. The whole amount was payable on application. The issue was under subscribed by 1000 shares. Pass the necessary journal entries.
The solution of Question 18 Chapter 1 of +2 Part-2: -
Journal

Date  
Particulars
L.F.
Debit
Credit

Bank A/c
Dr.
 
98,000

To Share application & allotment A/c
 
 
98,000

(Being the application money received

Question 19

Question no 19 Chapter 1- Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question no 19 Chapter 1- Class 12 Part 2 Unimax
The Nagak cotton Mills Ltd. was registered on 1st Jan.2022 with a capital of ₹ 10,00,000 divided into 1,00,000 shares of ₹ 10 each. The company issued 60,000 shares of which 40,000 shares were taken up by the public and ₹ 1 per share was received with application. On 1st February, these shares were allotted and ₹ 2 per share was duly received on 28th February as allotment money. A first call of ₹ 3 per share was made on 1st March and the call mon

Question 20

Question no 20 Chapter 1- Class 12 Part 2 Unimax

Sarbjit Singh · Accepted Answer

Question No  20 Chapter 1 - Unimax Class 12 Part 2 - 2021
Sakshi Ltd. issued a prospectus inviting applications for 40,000 shares of ₹ 10 each at premium of ₹ 2 per share payable as ₹ 2 on application, ₹ 5 (including premium) on allotment, ₹ 3 on first call and balance on second and final cell.Application were received for 35,000 shares. All money was duly received. Pass the necessary journal entries.
The solution of Question 20 Chapter 1 of +2 Part-2: -
JournalBooks of Sakshi

Date
Particula

Particulars	Note No.	Amount Current year
Equity and Liabilities
1 Shareholders funds
a. share capital	1	37,00,000

Particulars	₹
1 share capital :
Authorized capital
8,00,000 equity shares of ₹ 10 each	80,00,000
Issued capital:
4,00,000 equity shares of ₹ 10 each	40,00,000
Subscribed capital
Subscribed and fully paid up capital
3,70,000 equity shares of ₹ 10 each	37,00,000

Unimax Accountancy Class 12 Part 2 - 2023 Solutions Chapter 1 Share Capital - Unimax

Quick Chapter Summary & Cheat Sheet

💡 Double Entry Accounting Principles

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Question No 1 Chapter 1 - Unimax Class 12 Part 2 - 2021

The solution of Question No 1 Chapter 1 - Unimax Class 12 Part 2 - 2021

Balance Sheet of ABC LTD.As At ………

Question no 2 Chapter 1 - Class 12 Part 2 Unimax

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Balance Sheet of ABC LTD.
As At ………