Question 60 Chapter 8 of Class 12 Part – 2 – 2024
60. (Prorata Allotment/Forfeiture/Reissue)XYZ Limited has been registered with unauthorized capital of Rs. 2,00,000 dividend into 2,000 shares of Rs. 100 each of which, 1,000shares were offered for public subscription at a premium of Rs. 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 1,800 shares, of which applications for 300 shares were rejected outright; the rest of the applications were allotted 1,000 shares on pro-rata basis Excess application money was transferred to allotment.
All the monies were duly received except from Sundar, holder of 100 shares, pay allotment and first call money. His shares were later forfeited, and re-issued who failed to Shyam Rs. 60 per share Rs. 70 paid up. Final Call has not been made.
Pass necessary Cash Book and Journal entries in the books of K Limited.
The solution of Question 60 Chapter 8 of Class 12 Part – 2 – 2024: –
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2. Check out the Solution of Question 60 Chapter 8 of Class 12 Part – 2 – 2024 in Article Format:-
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
| A) | Share Application A/c | Dr. | 15,000 | ||
| To Share capital A/c | 10,000 | ||||
| To Share allotment A/c | 5,000 | ||||
| (Being allotment made ) | |||||
| B) | Share allotment A/c | Dr. | 25,000 | ||
| To Share capital A/c | 20,000 | ||||
| To Secruity premium A/c | 5,000 | ||||
| (Being amount due on allotment ) | |||||
| C) | Calls in arrears A/c | Dr. | 2,000 | ||
| To Share allotment A/c | 2,000 | ||||
| (Being amount not received on allotment) | |||||
| D) | Share first Call A/c | Dr. | 40,000 | ||
| To Share capital A/c | 40,000 | ||||
| (Being amount due on first call) | |||||
| E) | Call in arrears | Dr. | 4,000 | ||
| To Share First call A/c | 4,000 | ||||
| (Being first call not received ) | |||||
| F) | Share capital A/c | Dr. | 7,000 | ||
| Secruity premium A/c | Dr. | 1500 | |||
| To Share Forfeited A/c | 1,500 | ||||
| To Calls in Arrears A/c | 6,000 | ||||
| (Being first call not received ) | |||||
| G) | Share Fortified A/c | Dr. | 1,000 | ||
| To share Capital A/c | 1,000 | ||||
| (Being fortified ) | |||||
| H) | Share Fortified A/c | Dr. | 500 | ||
| To Capital Reserve A/c | 500 | ||||
| (Being share fortified transferred ) | |||||
Cash Book (Bank Column Only)
| Particulars | Rs. | Particulars | Rs. |
| To Share Application A/c | 18,000 | By Share Application A/c | 3,000 |
| To Share Allotment A/c | 18,000 | By Balance c/d | 75,000 |
| To Share First call A/c | 36,000 | ||
| To Share Capital A/c | 6,000 | ||
| 78,000 | 78,000 |
Working Notes :
Amount not received on allotment from Sunder
| Amount Due on allotment (100 X 25) | 2,500 | ||
| Less : Amount received in excess on app. | |||
| (150 X 10) – (100X10) | 500 | ||
| Not received | 2,000 | ||
| Net amount received on allotment | |||
| Total amount due | |||
| Less : Retained on application | 5,000 | ||
| Less : not received | 2,000 | 7,000 | |
| Net amount received on allotment | 18,000 |
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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