Question 58 Chapter 8 of Class 12 Part – 2 – 2024
58. (Prorata Allotment/Forfeiture/Reissue) TCS Ltd. offered at par 10,000 shares of RS. 10 each for public subscription payable as follows:
on application Rs. 3
on allotment Rs. 2
on first call Rs. 3
on final call Rs. 2
Public applied for 13,000 shares. Allotment was made prorata to the applicants of 12,000shares, application money on 1,000 shares being refunded. All the shareholders paid the amount due on allotment except Rakesh, the allotted of 200 shares. His shares were forfeited. First call was then made. Forfeited shares were re-issued @ Rs. 9 per share treated as Rs. 8 per share called up.
You are required to show entries in t he cash book and Journal.
The solution of Question 58 Chapter 8 of Class 12 Part – 2 – 2024: –
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Question 58 Chapter 8 of Class 12 Part – 2 – 2024
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2. Check out the Solution of Question 58 Chapter 8 of Class 12 Part – 2 – 2024 in Article Format:-
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
| A) | Share Application A/c | Dr. | 36,000 | ||
| To Share capital A/c | 30,000 | ||||
| To Share allotment A/c | 6,000 | ||||
| (Being allotment made ) | |||||
| B) | Share allotment A/c | Dr. | 20,000 | ||
| To Share capital A/c | 20,000 | ||||
| (Being amount due on allotment ) | |||||
| C) | Calls in arrears A/c | Dr. | 280 | ||
| To Share allotment A/c | 280 | ||||
| (Being amount not received on allotment) | |||||
| D) | Share capital A/c | Dr. | 1,000 | ||
| To Share Forfeited A/c | 720 | ||||
| To Calls in Arrears A/c | 280 | ||||
| (Being 200 shares fortified) | |||||
| E) | Share first Call A/c | Dr. | 29,400 | ||
| To Share capital A/c | 29,400 | ||||
| (Being amount due on first call) | |||||
| F) | Share Fortified A/c | Dr. | 720 | ||
| To Capital Reserve A/c | 720 | ||||
| (Being balance in share fortified transferred to capital reserve) | |||||
Cash Book (Bank Column Only)
| Particulars | Rs. | Particulars | Rs. |
| To Share Application A/c | 39,000 | By Share Application A/c | 3,000 |
| To Share Allotment A/c | 13,720 | By Balance c/d | 80,320 |
| To Share First call A/c | 29,400 | ||
| To Share Capital A/c | 1,600 | ||
| To Secruity premium reserve A/c | 200 | ||
| 83,920 | 83,920 |
Working Notes :
| Amount not received on allotment | |||
| Due from Rakesh 200 X 2 | 400 | ||
| Less : Already received | |||
| (240 X 3) – (200X3) | 120 | ||
| Calls in arrears | 280 | ||
| Total amount due | 20,000 | ||
| Less : Excess Received on application | 6,000 | ||
| Less : not received | 280 | 6,280 | |
| 13,720 |
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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