Question 55 Chapter 8 of Class 12 Part – 2 – 2024
55. (Prorata Allotment/Forfeiture/Reissue) K Ltd. has been registered with an authorised capital of Rs. 3,00,000 divided into 3,000 shares of Rs. 100 each of which 1,500 shares were offered for public subscription at a premium of 5 per share payable as under:
On application Rs. 10
On allotment Rs.25 (including premium)
On first call Rs. 40
On final call Rs.30
Applications were received for 2,000 shares of which applications for 200 shares were rejected the rest of the applications were allotted 1,500 shares on pro-rata basis, Excess application money was transferred to allotment.
all moneys were duly received except from Sunder holder of 300 shares who failed to pay allotment money and first call money.
His shares were later forfeited and reissued to Shyam at Rs. 60 per share Rs. 70 paid up. Final call has not been made.
The solution of Question 55 Chapter 8 of Class 12 Part – 2 – 2024: –
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| Applied | Allotted | |
| Refund | 200 | |
| Pro rate | 1,800 | 1,500 |
| 2,000 | 1,500 |
Cash Book (Bank Column Only)
| Particulars | Rs. | Particulars | Rs. |
| To Share Application A/c | 20,000 | By Share Application A/c | 2,000 |
| To Share Allotment A/c | 27,600 | By Balance c/d | 1,11,600 |
| To Share First call A/c | 48,000 | ||
| To Share Capital A/c | 18,000 | ||
| 1,13,600 | 1,13,600 |
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| A) | Bank A/c(2,000 X 10) | Dr. | 20,000 | ||
| To Share Application A/c | 20,000 | ||||
| (Being the receipt of application money) | |||||
| B) | Share Application A/c | Dr. | 20,000 | ||
| To Share capital A/c | 15,000 | ||||
| To Share allotment A/c | 3,000 | ||||
| To Bank A/c | 2,000 | ||||
| (Being 1,800 shares allotted excess retained for allotment & refunded) | |||||
| C) | Share allotment A/c | Dr. | 37,500 | ||
| To Share capital A/c | 30,000 | ||||
| To Securities Premium Reserve A/c | 7,500 | ||||
| (Being amount due on allotment ) | |||||
| D) | Bank A/c | Dr. | 27,600 | ||
| Calls in arrears A/c | Dr. | 6,900 | |||
| To Share allotment A/c | 34,500 | ||||
| (Being amount received on allotment) | |||||
| E) | Share first Call A/c | Dr. | 60,000 | ||
| To Share capital A/c | 60,000 | ||||
| (Being amount due on first call) | |||||
| F) | Bank A/c | Dr. | 48,000 | ||
| Calls in arrears A/c | Dr. | 12,000 | |||
| To Share allotment A/c | 60,000 | ||||
| (Being amount received on first call) | |||||
| G) | Share capital A/c | Dr. | 21,000 | ||
| Securities Premium Reserve A/c | Dr. | 1,500 | |||
| To Share Forfeited A/c | 3,600 | ||||
| To Calls in Arrears A/c | 18,900 | ||||
| (Being 300 shares fortified) | |||||
| H) | Bank A/c | Dr. | 18,000 | ||
| Share Fortified A/c | Dr. | 3,000 | |||
| To Share capital A/c | 21,000 | ||||
| (Being 300 shares reissued) | |||||
| I) | Share Fortified A/c | Dr. | 600 | ||
| To Capital Reserve A/c | 600 | ||||
| (Being balance in share fortified transferred to capital reserve) | |||||
Working Notes :
| Calculation of amount received on allotment | |
| Excess money Received 360 X 10 | 3,600 |
| Less : 300 X 10 | 3,000 |
| Excess Money Retained for allotment | 600 |
| Allotment money due 300X 25 | 7,500 |
| Less : Already received | 600 |
| Not received | 6,900 |
| Total Allotment money due | |||
| Less : Not received | 6,900 | ||
| Less : Received on application | 3,000 | 9,900 | |
| Received on allotment | 27,600 |
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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
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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