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CBSE CLASS XII

Q. 56. Pailwal Exports Ltd. with a share capital of Rs.1,00,000 divided into 2,000 Equity shares of Rs.50 each offers the Equity shares to the public as under: Rs.10 payable on application; Rs.10 payable on allotment; Rs.15 payable on first call; and Rs.15 payable on second call.

Shareholder ‘A’ who holds 30 equity shares has paid only the application money.
Shareholder ‘B’ who holds 20 equity shares has paid application money on 20 equity shares and allotment money on only 10 equity shares. He has not paid any other calls.
Shareholder ‘C’ who holds 18 equity shares has paid only the application and allotment money.
Shareholder ‘D’ who holds 5 equity shares has paid application, allotment and first cal money.
Shareholder ‘E’ who holds 3 equity shares has paid application, allotment and first call money in full and second call money on only 2 equity shares,
The company forfeits the shares of the above shareholders who have not paid the arrears.
Journalise the above transactions including entries relating to bank in the books of Pailwal Exports Ltd.

Q. 57. A Ltd. forfeited 600 Equity shares of Rs.10 each issued at a premium of 20% to Ram who had applied for 720 Equity Shares, for non-payment of allotment, money of Rs.5 per equity share (including premium) and the first and final call of Rs.5 per Equity share. Out of these 200 Equity shares were reissued to Shyam credited as fully paid for Rs.9 per Equity share. Give journal entries to record forfeiture and reissue of shares assuming that A ltd. follows the policy of adjusting excess application money towards other sums due on equity shares.

Q. 58. X applied for 2,000 Equity shares of Rs.10 each at a premium of Rs.2,50. But he was allotted only 1,000 equity shares. After having paid Rs.3 per equity share on application, he did not pay allotment money of Rs.4.50 per equity share (including premium) and on his subsequent failure to pay the first call of Rs.2 per equity share, his shares were forfeited. These shares were reissued at the rate of Rs.8 per equity share credited as fully paid.
Give journal entries to record the forfeiture and reissue of shares assuming that the company follows the practice of adjusting the excess application money towards the other sum due on shares.

Q. 59. Kailash ltd. forfeited 100 equity shares of Rs.10 each (Rs.6 called up) issued at a discount of 10% to Y on which he had paid an application money of Rs.2 per equity shares. Give journal entries to record forfeiture and reissue of equity shares in each of the following alternative cases:
Case 1: If 80 of these shares were reissue as Rs.8 called up for Rs.9 pr share.
Case 2: If 80 of these shares were reissue as Rs.8 called up for Rs.8 pr share.
Case 3: If 80 of these shares were reissue as Rs.8 called up for Rs.7.50 pr share.
Case 4: If 80 of these shares were reissue as Rs.8 called up for Rs.7 pr share.
Case 5: If 80 of these shares were reissue as Rs.8 called up for Rs.6 pr share.
Case 6: If 80 of these shares were reissue as Rs.8 called up for Rs.5 pr share.
Case 7: If 80 of these shares were reissue as fully paid-up for Rs.7 per share.

Q. 60. H limited company issued a prospectus inviting applications for 24,000 shares. Money overpaid on applications was employed on account of sum due on allotment.
Ramesh, to whom 400 shares were allotted, failed to p[ay the allotment money and on his subsequent failure to pay the first call his shares were forfeited. Mohan, the holder of 600 share, failed to pay the two calls, and his shares were forfeited after the second call. Of the shares forfeited, 800 shares were sold to Krishna credited as fully paid for Rs.9 per share,
the whole of Ramesh’s shares being included. Show journal entries and the Balance Sheet.

Paper By Mr. Rahul Kadd
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Phone No. : 9212197510
Oscar Academy- BN - 4 (East),
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