Question 54 Chapter 8 of Class 12 Part – 2 – 2024
54. (Prorata Allotment/Forfeiture) A Ltd. invited applications for issuing 80,000 shares of Rs. 10 each at a premium of Rs. 4 per share. The amount was payable as follows:
On Application Rs.5 per share
On Allotment Rs. 9 per share (including premium)
Applications were received for 1,40,000 shares.
Allotment was made on the following basis:
(i)To applicants for 80,000 shares- 60,000 shares.
(ii)To applicants for 60,000 shares – 20,000 shares.
Money over paid on applications was utilized towards sum due on allotment. Rajiv, who had applied for 1,200 shares in the first category failed to pay his dues and his shares were forfeited.
Pass Journal Entries in the books of A Ltd to record the above transactions.
The solution of Question 54 Chapter 8 of Class 12 Part – 2 – 2024: –
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| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| A) | Bank A/c (1,40,000 X 5) | Dr. | 7,00,000 | ||
| To Share Application A/c | 7,00,000 | ||||
| (Being the receipt of application money) | |||||
| B) | Share Application A/c | Dr. | 7,00,000 | ||
| To Share capital A/c | 4,00,000 | ||||
| To Share Allotment A/c | 2,80,000 | ||||
| To Bank A/c | 20,000 | ||||
| (Being 80,000 shares allotted excess retained for allotment & refuned | |||||
| C) | Share allotment A/c | Dr. | 7,20,000 | ||
| To Share capital A/c | 4,00,000 | ||||
| To Securities Premium Reserve A/c | 3,20,000 | ||||
| (Being amount due on allotment ) | |||||
| D) | Bank A/c | Dr. | 4,33,400 | ||
| Calls in arrears A/c | Dr. | 6,600 | |||
| To Share allotment A/c | 4,40,000 | ||||
| (Being amount received on allotment of 900 share ) | |||||
| E) | Share capital A/c | Dr. | 9,000 | ||
| Securities Premium Reserve A/c | Dr. | 3,600 | |||
| To Share Forfeited A/c | 6,000 | ||||
| To Calls in Arrears A/c | 6,600 | ||||
| (Being 600 shares fortified) | |||||
Working Notes :
| 1 . Allotment Received | |
| Allotment money due | 7,20,000 |
| (-) Allotment money adjusted | 2,80,000 |
| 4,40,000 | |
| (-) Allotment not paid (Rajiv) | 6,600 (WN2) |
| Allotment money received | 4,33,400 |
| 2. Allotment not paid by Rajiv | |
| Shares applied by Rajiv | 1,200 |
| Shares allotted to Rajiv (1,200 X 60,000/80,000) | 900 |
| Excess money Received by Rajiv (300X5) | 1,500 |
| Allotment money due of Rajiv (900 X 9) | 8,100 |
| Allotment money received | 6,600 |
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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.
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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