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Permanent settlement

Posted by Vanya Vaibhavi Singh 3 years ago

CBSE > Class 12 > History

2 answers

Shobha Mishra 3 years ago

The permanent settlement came into operation in Bengal in 1793.This settlement was made with the rajas and the talukedarsof Bengal. They were now classified aszamindars and they had to pay the revenue demand that was fixed in perpetuity. Now the Zamindar was not a land owner in the village but revenue collector of the state .At the same time the Zamindar had to pay revenue rigidly on the due date even if crops had failed . In case of failure of payment estates were to be auctioned to recover the revenue.

Date	Particulars	L.F.	Dr. (₹)	Cr. (₹)
	Bank A/c (WN1)	Dr.		12,00,000
	To Share Application A/c				12,00,000
	(Being application money received on 3,00,000 shares)
	Share Application A/c	Dr.		12,00,000
	To Share Capital A/c (WN1)				4,80,000
	To Securities Premium Reserve A/c				4,80,000
	To Calls-in-Advance A/c				2,40,000
	(Being amount transferred to share capital and excess adjusted)
	Share Allotment A/c	Dr.		9,60,000
	To Share Capital A/c				9,60,000
	(Being allotment due)

	Bank A/c (Bal. Fig.)	Dr.		7,02,000
	Call-in-Arrears A/c (WN2)	Dr.		18,000
	Calls-in-Advance A/c	Dr.		2,40,000
	To Share Allotment A/c				9,60,000
	(Being allotment money received except for 6,000 shares)
	Share First & Final Call A/c	Dr.		14,40,000
	To Share Capital A/c				9,60,000
	To Securities Premium A/c				4,80,000
	(Being call money due)
	Bank A/c	Dr.		14,04,000
	Calls-in-Arrears A/c	Dr.		36,000
	To Share First & Final Call A/c				14,40,000
	(Being call money received except on 6,000 shares)
	Share Capital A/c (6,000 × 10)	Dr.		60,000
	Securities Premium Reserve A/c (6,000 × 2)	Dr.		12,000
	To Share Forfeiture A/c (12,000 + 6,000)				18,000
	To Calls-in-Arrears A/c (18,000 + 36,000)				54,000
	(Being 6,000 shares forfeited for non-payment of allotment & call)
	Bank A/c (2,400 {tex}\times{/tex} 11)	Dr.		26,400
	To Share Capital A/c (2,400 {tex}\times{/tex} 10)				24,000
	To Securities Premium Reserve A/c (2,400 {tex}\times{/tex} 1)				2,400
	(Being 2,400 shares reissued at ₹11 fully paid-up)
	Share Forfeiture A/c (WN3)	Dr.		7,200
	To Capital Reserve A/c				7,200
	(Being gain on reissued shares transferred)

Categories	Share Applied	Shares Allotted	Money received on Application @ ₹4 (including premium ₹2)	Money Transferred to Share Capital @ ₹2	Money Transferred to Securities Premium @ ₹2	Allotment due @ ₹4	Excess on Application	Refund
I	3,00,000	2,40,000	12,00,000	4,80,000	4,80,000	9,60,000	2,40,000	-
	3,00,000	2,40,000	12,00,000	4,80,000	4,80,000	9,60,000	2,40,000	-

Amount unpaid by Rohini	₹
Amount received on application (7,500 {tex}\times{/tex} 4)	30,000
Less: actual transfer to share capital (6,000 {tex}\times{/tex} 2)	12,000
Less: actual transfer to securities premium reserve (6,000 {tex}\times{/tex} 2)	12,000
Excess	6,000
Amount due on first call (6,000 {tex}\times{/tex} 4 )	24,000
Less: excess adjusted	(6,000)
Calls-in-arrears	18,000

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