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Accountancy · 2024 · 6 marks
CBSE 2024 · Region 3 · Set 2 · Q26
Pass necessary journal entries for forfeiture and reissue of shares in the following cases : (i) Neon Ltd. forfeited $\displaystyle 2,000$ shares of ₹ $\displaystyle 10$ each issued at a premium of ₹ $\displaystyle 2$ per share for non-payment of allotment money of ₹ $\displaystyle 5$ per share (including premium). The first and final call of ₹ $\displaystyle 2$ per share was not yet made. Out of these, $\displaystyle 1,500$ shares were reissued at ₹ $\displaystyle 7$ per share, ₹ $\displaystyle 8$ paid up. (ii) Mamta Ltd. forfeited $\displaystyle 3,000$ shares of ₹ $\displaystyle 10$ each on which the first call of ₹ $\displaystyle 3$ per share was not received. The second and final call of ₹ $\displaystyle 1$ per share was not yet called. Out of these, $\displaystyle 2,000$ shares were reissued at ₹ $\displaystyle 9$ per share, ₹ $\displaystyle 9$ paid up.ORSai Ltd. invited applications for issuing $\displaystyle 60,000$ shares of ₹ $\displaystyle 10$ each. The amount was payable as follows : On application ₹ $\displaystyle 5$ per share On allotment ₹ $\displaystyle 1$ per share On first and final call Balance Applications were received for $\displaystyle 58,000$ shares. Rajat, the holder of $\displaystyle 300$ shares, did not pay allotment money and Usha, the holder of $\displaystyle 500$ shares, paid her entire share money along with allotment money. Rajat's shares were forfeited immediately after allotment. First and final call was made afterwards and duly received. Pass necessary journal entries for the above transactions. Open 'Call s-in- arrears' and 'Calls -in- advance' Account, wherever required.
OR
Sai Ltd. invited applications for issuing $\displaystyle 60,000$ shares of ₹ $\displaystyle 10$ each. The amount was payable as follows : On application ₹ $\displaystyle 5$ per share On allotment ₹ $\displaystyle 1$ per share On first and final call Balance Applications were received for $\displaystyle 58,000$ shares. Rajat, the holder of $\displaystyle 300$ shares, did not pay allotment money and Usha, the holder of $\displaystyle 500$ shares, paid her entire share money along with allotment money. Rajat's shares were forfeited immediately after allotment. First and final call was made afterwards and duly received. Pass necessary journal entries for the above transactions. Open 'Call s-in- arrears' and 'Calls -in- advance' Account, wherever required.Marking-scheme solution
(i)
Books of Neon Ltd.
JOURNAL
Date Particulars L.F. Dr. Cr.
`) `)
Amount ( Amount (
Share Capital A/c Dr. $\displaystyle 16,000$
Securities Premium A/c Dr. $\displaystyle 4,000$
To Share Forfeiture A/c $\displaystyle 10,000$
To Calls in Arrears A/c or $\displaystyle 10,000$
Share Allotment A/c
(Forfeiture of $\displaystyle 2,000$ shares for non-
payment of allotment of `$\displaystyle 5$ per share.)
Bank A/c Dr. $\displaystyle 10,500$
Share Forfeiture A/c Dr. $\displaystyle 1,500$
To Share Capital A/c $\displaystyle 12,000$
(Reissue of $\displaystyle 1,500$ shares at `$\displaystyle 7$ per share, `$\displaystyle 8$
per share paid up.)
Share Forfeiture A/c Dr. $\displaystyle 6,000$
To Capital Reserve A/c $\displaystyle 6,000$
(Gain on $\displaystyle 1,500$ reissued shares transferred
to capital reserve.)
(ii)
Books of Mamta Ltd.
JOURNAL
Date Particulars L.F. Dr. Cr.
`) `)
Amount ( Amount (
Share Capital A/c Dr. $\displaystyle 27,000$
To Share Forfeiture A/c $\displaystyle 18,000$
To Calls in Arrears A/c or $\displaystyle 9,000$
Share First Call A/c
(Forfeiture of $\displaystyle 3,000$ shares for non-payment
of first call of `$\displaystyle 3$ per share.)
Bank A/c Dr. $\displaystyle 18,000$
To Share Capital A/c $\displaystyle 18,000$
(Reissue of $\displaystyle 2,000$ shares at `$\displaystyle 9$ per share, `$\displaystyle 9$
per share paid up.)
Share Forfeiture A/c Dr. $\displaystyle 12,000$
To Capital Reserve A/c $\displaystyle 12,000$
(Gain on $\displaystyle 2,000$ reissued shares transferred
to capital reserve.)
Q. Sai Ltd. invited applications ……………………………….
Ans
Books of Sai Ltd.
JOURNAL
Date Particulars L.F. Dr. Cr.
Amount Amount
(`) (`)
Bank A/c Dr. $\displaystyle 2,90,000$
To Share Application A/c $\displaystyle 2,90,000$
(Application amount received on $\displaystyle 58,000$ shares.)
Share Application A/c Dr. $\displaystyle 2,90,000$
To Share Capital A/c $\displaystyle 2,90,000$
(Application amount transferred to share capital.)
Share Allotment A/c Dr. $\displaystyle 58,000$
To Share Capital A/c $\displaystyle 58,000$
(Allotment amount due on $\displaystyle 58,000$ shares.)
Bank A/c Dr. $\displaystyle 59,700$
Calls in Arrears A/c Dr. $\displaystyle 300$
To Share Allotment A/c $\displaystyle 58,000$
To Calls in Advance A/c $\displaystyle 2,000$
(Allotment amount received, calls in arrears debited
and calls in advance received.)
Share Capital A/c Dr. $\displaystyle 1,800$
To Share Forfeiture A/c $\displaystyle 1,500$
To Calls in Arrears A/c $\displaystyle 300$
($\displaystyle 300$ shares forfeited due to non-payment of
allotment money.)
Share First and Final Call A/c Dr. $\displaystyle 2,30,800$
To Share Capital A/c $\displaystyle 2,30,800$
(Final call amount due on $\displaystyle 57,700$ shares.)
Bank A/c Dr. $\displaystyle 2,28,800$
Calls in Advance A/c Dr. $\displaystyle 2,000$
To Share First and Final Call A/c $\displaystyle 2,30,800$
(Final call received and calls in advance adjusted.)
Advance
PART B
OPTION - I
(ANALYSIS OF FINANCIAL STATEMENTS)
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CBSE Class 12 Accountancy past-paper question from the 2024board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.