Question 57 Chapter 8 of Class 12 Part – 2 – 2024
57. (Issue at Premium/Prorata Allotment/Forfeiture) PCS Ltd. issued a prospectus inviting application for 20,000 shares of Rs. 10 each at a premium of Rs. 2 per share payable as follows:
on application Rs. 5 (including premium)
on allotment Rs.4
on call Rs. 3
Applications were received for 30,000 shares and allotment was made Prorata to applicant. for 24.000 shares. Excess money paid on application for these shares was utilised towards payment of allotment money. Vishal who applied for 600 shares failed to pay the allotment money and on his subsequent failure to pay the call, his shares were forfeited .Pass the necessary entries in the books of PCS Ltd.
The solution of Question 57 Chapter 8 of Class 12 Part – 2 – 2024:-
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The video consists solution of questions numbers from 57 to 58 Chapter no. 8 class 12 of Usha publication. To check the direct solution of question no. 57 from the flowing video by using time stamps of the video.
2. Check out the Solution of Question 57 Chapter 8 of Class 12 Part – 2 – 2024 in Article Format:-
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
| A) | Bank A/c | Dr. | 1,50,000 | ||
| To Share Application A/c | 1,50,000 | ||||
| (Being the receipt of application money) | |||||
| B) | Share Application A/c | Dr. | 1,50,000 | ||
| To Share capital A/c | 60,000 | ||||
| To Security Premium Reserve A/c | 40,000 | ||||
| To Share allotment A/c | 20,000 | ||||
| To Bank A/c | 30,000 | ||||
| (Being 20,000 shares allotted ) | |||||
| C) | Share allotment A/c | Dr. | 80,000 | ||
| To Share capital A/c | 80,000 | ||||
| (Being amount due on allotment) | |||||
| D) | Bank A/c | Dr. | 58,500 | ||
| Calls in arrears A/c | Dr. | 1,500 | |||
| To Share allotment A/c | 60,000 | ||||
| (Being amount received on allotment) | |||||
| E) | Share Call A/c | Dr. | 60,000 | ||
| To Share capital A/c | 60,000 | ||||
| (Being amount due on first call) | |||||
| F) | Bank A/c | Dr. | 58,500 | ||
| Calls in arrears A/c | Dr. | 1,500 | |||
| To Share allotment A/c | 60,000 | ||||
| (Being amount received on call) | |||||
Working Notes :
| Shares applied = 24,000/20,000 X 600 = 720 shares | |||
| Excess app. money retained for allotment | |||
| (720 X 5) – (600X5) = Rs. 600 | |||
| Allotment not received on 600 shares | |||
| 600 X 4 | 2,400 | ||
| Less : Retained | 600 | ||
| Not received | 1,800 | ||
| Allotment received: | |||
| Total amount due | 80,000 | ||
| Less : Already received | 20,000 | ||
| Less : not received | 1,800 | 21,800 | |
| 58,200 | |||
| Amount credited to share forfeited A/c | |||
| Received on application : 720 X 5 | 3,600 | ||
| Less : Adjustment on premium :600 X 2 | 1,200 | ||
| 2,400 |
Note: Premium received Rs. 1,200 can’t be forfeited
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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