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Class 12th Accounts | Journal Entries for Share Forfeiture and Reissue

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Introduction In Class 12th Accounts, understanding share forfeiture and reissue of shares can be tricky. This blog explains two important share-related questions step-by-step, focusing on journal entries, pro-rata allotment, and forfeited shares reissue. Question 1: Petromax Ltd. - Forfeiture and Reissue of Shares Question Summary: Petromax Ltd. issued 2,00,000 equity shares at ₹10 each. Money was payable: ₹4 on application, ₹3 on allotment, and the balance ₹3 on first and final call. Pawan (9,000 shares) failed to pay the first and final call. His shares were forfeited. Ramesh (4,000 shares) paid the call money in advance with allotment. 2/3rd of the forfeited shares were reissued as fully paid, and ₹36,000 was transferred to the Capital Reserve. Step-by-Step Solution ...
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How to Solve Class 12th Accounts share capital

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Pro Rata Allotment, Forfeiture, and Reissue of Shares In this article, we will break down a comprehensive Class 12th Accounts problem on share allotment, forfeiture, and reissue step by step. If you’re preparing for exams, this blog will help you understand the journal entries in the books of SaReGaMa Ltd ., ensuring clarity in every step. Problem Overview SaReGaMa Ltd. invited applications for issuing 80,000 equity shares of ₹100 each at a premium of ₹10. Here's the amount payable: On Application: ₹30 On Allotment: ₹30 (including a premium of ₹10) On First Call: ₹30 On Final Call: Balance Additional Details: Applications Received: 1,20,000 shares (oversubscribed by 40,000 shares). Allotment Basis: Pro rata. Excess application money was adjusted against allotment. Defaulters: Dhwani: Allotted 1,600 shares; failed to pay allotment money. Sargam: Applied for 6,000 shares; did not pay the first call money. Forfeiture: Dhwani’s and Sargam’s shares were forfeited immediately after the f...
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Class 12th Accounts: Share Capital Solutions Explained Simply

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Class 12th Accounts: Share Capital Solutions Explained Simply In this blog post, we will solve three problems related to Share Capital for Class 12th Accounts . We will explain each step clearly so you can easily understand how to prepare Balance Sheets and handle journal entries . Let's begin! 9. Red Roses Ltd. - Share Capital Calculation Question: Red Roses Ltd. was registered with a capital of ₹25,00,000, divided into 25,000 Equity Shares of ₹100 each. The company issued 15,000 Equity Shares to the public for subscription. The shares were subscribed, and calls were made and received, except for the allotment money of ₹40 on 100 shares held by Parul. The first and final call of ₹20 on 500 shares was also not received. Prepare the Balance Sheet showing Share Capital. Solution: Step 1: Determine the total Share Capital of the company. The total capital is ₹25,00,000, divided into 25,000 shares of ₹100 ea...
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