Question 44 Chapter 8 of Class 12 Part – 2 – 2024
44. (Issue for Consideration other than Cash/Issue for Cash/Forfeiture/Reissue)
Reliance industries Ltd. was registered with a nominal capital of Rs. 5,00,000 in the shares of Rs. 10 each. It purchased a property from Shah for Rs. 1,00,000 payable in fully paid shares of company. Remaining 40.000 shares were offered to the public, payable as follows –
Rs. 2 on application : Rs. 2 on allotment: Rs. 3 on first call and Rs. 3 on final call.
All the shares were subscribed and allotted.
Raman, who holds 100 shares failed to pay both the calls and his shares were forfeited.
These were re-issued to Mohit at Rs. 8.50 per share fully paid.
Record the above in the company’s journal and prepare a balance sheet.
The solution of Question 44 Chapter 8 of Class 12 Part – 2 – 2024: –
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2. Check out the Solution of Question 44 Chapter 8 of Class 12 Part – 2 – 2024 in Article Format:-
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| A) | Property A/c | Dr. | 1,00,000 | ||
| To Shah A/c | 1,00,000 | ||||
| (Being property purchased by shah ) | |||||
| B) | Shah A/c | Dr. | 1,00,000 | ||
| To Share capital A/c | 1,00,000 | ||||
| (Being issue of 10,000 shares @ Rs. 10 each fully paid in payment of property purchased ) | |||||
| C) | Bank A/c (40,000 X 2) | Dr. | 80,000 | ||
| To Share Application A/c | 80,000 | ||||
| (Being the receipt of application money on 40,000 shares @ Rs.2 per share ) | |||||
| D) | Share Application A/c (40,000 X 2) | Dr. | 80,000 | ||
| To Share capital A/c | 80,000 | ||||
| (Being the transfer of application money on 40,000 shares @ Rs. 2 per share ) | |||||
| E) | Share Allotment A/c (40,000 X 2) | Dr. | 80,000 | ||
| To Share capital A/c | 80,000 | ||||
| (Being allotment money due on allotment of 40,000 shares @ Rs. 2 per share ) | |||||
| F) | Bank A/c (40,000 X 2) | Dr. | 80,000 | ||
| To Share allotment A/c | 80,000 | ||||
| (Being allotment money received in full) | |||||
| G) | Share first Call A/c (40,000 X 3) | Dr. | 1,20,000 | ||
| To Share capital A/c | 1,50,000 | ||||
| (Being amount due on first call of 40,000 share @ Rs. 3 per share) | |||||
| H) | Bank A/c (39,900 X 3) | Dr. | 1,19,700 | ||
| Calls in arrear A/c | Dr. | 3,000 | |||
| To Share first Call A/c | 1,20,000 | ||||
| (Being amount received on first call of 39,900 share @ Rs. 3 per share ) | |||||
| I) | Share first Call A/c (40,000 X 3) | Dr. | 1,20,000 | ||
| To Share capital A/c | 1,50,000 | ||||
| (Being amount due on final call of 40,000 share @ Rs. 3 per share) | |||||
| J) | Bank A/c (39,900 X 3) | Dr. | 1,19,700 | ||
| To Share first Call A/c | 1,19,700 | ||||
| (Being amount received on final call of 39,900 share @ Rs. 3 per share ) | |||||
| k) | Share capital A/c ( 100 X 10) | Dr. | 1,000 | ||
| To Share Forfeited A/c ( 100 X 3) | 400 | ||||
| To calls in arrear A/c ( 100 X 6) | 600 | ||||
| (Being forfeitures of 100 shares for non payments of first & Final call money ) | |||||
| L) | Bank A/c (100 X 8.5 ) | Dr. | 850 | ||
| Share Fortified A/c (100X1.5) | Dr. | 150 | |||
| To Share capital A/c | 1,000 | ||||
| M) | Share Fortified A/c (400-150) | Dr. | 250 | ||
| To Capital Reserve A/c | 250 | ||||
| (Being balance in share fortified transferred to capital reserve) | |||||
Working notes : –
| Date | Particulars |
Note No. | FIG. RELATING TO CURRENT REPORTNG PERIOD |
| (i) | Equity & Liability | ||
| Shareholders fund | |||
| Share Capital | 1 | 5,00,000 | |
| Reserve & surplus | 2 | 250 | |
| Non current Liabilities | |||
| Current Liabilities | |||
| Total | 5,00,250 | ||
| (ii) | Assets | ||
| Non -Current Assets | |||
| Tangible Asset | 1,00,000 | ||
| Current Assets | |||
| Cash & Cash equivalent | 4,00,250 | ||
| Total | 5,00,250 |
|---|
Note: –
| Date | Particulars |
Note No. | FIG. RELATING TO CURRENT REPORTNG PERIOD | FIG. RELATING TO PREVIOUS REPORTNG PERIOD |
| 1 | Shared capital | |||
| Authorized capital | 5,00,000 | |||
| (50,000 shares of Rs. 10 each) | ||||
| 2 | Reserve & surplus | |||
| Capital Reserve | 250 | |||
| 3 | Tangible Asset | |||
| Property | 1,00,000 | |||
| 4 | Cash & Cash equivalent | |||
| Cash at bank | 4,00,250 |
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Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 2 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
Chapter No. 11 – Financial Statements of a Company
Chapter No. 12 – Financial Statement Analysis
Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 14 – Ratio Analysis
Chapter No. 15 – Cash Flow Statement
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
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1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication