Question 53 Chapter 8 of Class 12 Part – 2 – 2024
53. (Pro-rata allotment/Forfeiture/Reissue) AB Ltd. invited applications for 1,00,000 Equity shares of Rs. 10 each, payable as RS. 2 application, Rs. 3 on allotment and balance on first and final call. Applications were received for 3,00,000 shares and shares were allotted on pro-rata basis. The excess of application money was to be adjusted against allotment only. M, a shareholder, who was allotted 3,000 shares, failed to pay the call money and his shares were accordingly forfeited and reissued at Rs. 8 per shares as fully paid. Pass necessary journal entries
The solution of Question 53 Chapter 8 of Class 12 Part – 2 – 2024: –
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The video consists solution of question numbers from 52 to 54 Chapter no. 8 class 12 of Usha publication. To check the direct solution of question no. 53 from the flowing video by using time stamps of the video.
2. Check out the Solution of Question 53 Chapter 8 of Class 12 Part – 2 – 2024 in Article Format:-
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| A) | Bank A/c (3,00,000 X 2) | Dr. | 6,00,000 | ||
| To Share Application A/c | 6,00,000 | ||||
| (Being application money received on 3,00,000 shares @ Rs. 2 per share) | |||||
| B) | Share Application A/c | Dr. | 6,00,000 | ||
| To Share capital A/c | 2,00,000 | ||||
| To Share Allotment A/c | 3,00,000 | ||||
| To Bank A/c | 1,00,000 | ||||
| (Being application money adjusted ) | |||||
| C) | Share Allotment A/c (1,00,000 X3) | Dr. | 3,00,000 | ||
| To Share capital A/c | 3,00,000 | ||||
| (Being allotment money due on 1,00,000 shares @ Rs. 3 per share ) | |||||
| D) | Share First & final Call A/c (1,00,000 X 5) | Dr. | 5,00,000 | ||
| To Share capital A/c | 5,00,000 | ||||
| (Being first call money due on 1,00,000 shares @ Rs. 5 per share ) | |||||
| E) | Bank A/c (97,000 X 5) | Dr. | 4,85,000 | ||
| Calls in arrear A/c | Dr. | 15,000 | |||
| To Share First & final Call A/c | 5,00,000 | ||||
| (Being final call money received on 97,000 shares) | |||||
| F) | Share capital A/c 3,000 X 10 | Dr. | 30,000 | ||
| To Share Forfeited A/c | 15,000 | ||||
| To First & Final Call A/c(3,000 X 5 ) | 15,000 | ||||
| (Being forfeitures of 3,000 shares ) | |||||
| G) | Bank A/c (3000 X8 ) | Dr. | 24,000 | ||
| Share Fortified A/c (3000X2) | Dr. | 6,000 | |||
| To Share capital A/c | 30,000 | ||||
| (Being 3000 shares reissued @2% discount ) | |||||
| H) | Share Fortified A/c (15,000-6,000) | Dr. | 9,000 | ||
| To Capital Reserve A/c | 9,000 | ||||
| (Being balance in share fortified transferred to capital reserve) | |||||
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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
Check out Part 1 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 1, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 1 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication