(a) From the following particulars, calculate Total Sales.
| Particulars | ₹ | Particulars | ₹ |
|---|---|---|---|
| Debtors on 1st April, 2018 | 2,50,000 | Bills Receivable dishonoured | 15,000 |
| Bills Receivable on 1st April, 2018 | 60,000 | Returns inward | 50,000 |
| Cash received from Debtors | 7,25,000 | Bills Receivable on 31st March, 2019 | 90,000 |
| Cash received for bills Receivable | 1,60,000 | Sundry debtors on 31st March, 2019 | 2,40,000 |
| Bad debts | 30,000 | Cash sales | 3,15,000 |
OR
(b) Anbu Ltd. issued 10,000 Equity shares of ₹ 10 each at par payable on Application ₹ 3 per share, on Allotment ₹ 3 per share, on First call ₹ 2 per share and on Second and Final call ₹ 2 per share. The issue was fully subscribed and all the amounts were duly received with the exception of 100 shares held by Subbu, who failed to pay the Second and Final call. His shares were forfeited and reissued to Hema at ₹ 7 per share. Journalise the above transactions.
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Start your 14-day free trial to unlock the full solution →(a) Prepare Total B/R A/c (bills received ₹2,05,000) then Total Debtors A/c (credit sales ₹9,85,000); Total Sales = 9,85,000 + 3,15,000 = ₹13,00,000. (b) Forfeiture and reissue of 100 shares; ₹500 to Capital Reserve.
(a) Calculation of Total Sales (TN HSC Class-12 Accountancy — Accounts from Incomplete Records)
Step 1 — Total Bills Receivable Account (to find bills received from debtors during the year):
| Dr. Particulars | ₹ | Cr. Particulars | ₹ |
|---|---|---|---|
| To Balance b/d (1.4.2018) | 60,000 | By Cash received for B/R | 1,60,000 |
| To Sundry Debtors A/c (B/R received — bal. fig.) | 2,05,000 | By Sundry Debtors A/c (B/R dishonoured) | 15,000 |
| By Balance c/d (31.3.2019) | 90,000 | ||
| Total | 2,65,000 | Total | 2,65,000 |
Bills received from debtors during the year = ₹2,05,000 (balancing figure).
Step 2 — Total Debtors Account (to find credit sales):
| Dr. Particulars | ₹ | Cr. Particulars | ₹ |
|---|---|---|---|
| To Balance b/d (1.4.2018) | 2,50,000 | By Cash received from debtors | 7,25,000 |
| To Bills Receivable A/c (B/R dishonoured) | 15,000 | By Bills Receivable A/c (B/R received) | 2,05,000 |
| To Credit Sales A/c (bal. fig.) | 9,85,000 | By Bad debts | 30,000 |
| By Returns inward | 50,000 | ||
| By Balance c/d (31.3.2019) | 2,40,000 | ||
| Total | 12,50,000 | Total | 12,50,000 |
Credit sales = ₹9,85,000 (balancing figure).
Step 3 — Total Sales:
Total Sales = Credit sales + Cash sales = 9,85,000 + 3,15,000 = ₹13,00,000.
(b) Forfeiture and reissue of shares — Anbu Ltd (10,000 shares of ₹10 each) — Company Accounts
Call structure: Application ₹3, Allotment ₹3, First call ₹2, Second & Final call ₹2. Subbu (100 shares) paid up to first call (₹8) but failed to pay the final call ₹2; shares forfeited and reissued to Hema at ₹7.
Journal Entries:
| Particulars | Dr (₹) | Cr (₹) |
|---|---|---|
| Bank A/c Dr | 30,000 | |
| To Share Application A/c | 30,000 | |
| Share Application A/c Dr | 30,000 | |
| To Share Capital A/c | 30,000 | |
| Share Allotment A/c Dr | 30,000 | |
| To Share Capital A/c | 30,000 | |
| Bank A/c Dr | 30,000 | |
| To Share Allotment A/c | 30,000 | |
| Share First Call A/c Dr | 20,000 | |
| To Share Capital A/c | 20,000 | |
| Bank A/c Dr | 20,000 |
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