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Question 06 Chapter 8 of +2-Part-1
6. (Fully Subscribed/Journal Entries) Sky Rockets Ltd. make an issue of 10,000 equity shares of Rs. 100 each, payable Rs. 20 on application, Rs. 40 on allotment and Rs. 40 on call. All the shares are subscribed and amounts duly received. Pass journal entries to give effect to these.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | Bank A/c | Dr. | 2,00,000 | ||
| To Equity Share Application A/c | 2,00,000 | ||||
| (Being application money received on 10,000 equity share shares @ 20 each received ) | |||||
| b) | Equity Share Application A/c | Dr. | 2,00,000 | ||
| To Equity Share capital A/c | 2,00,000 | ||||
| (Being application money transferred to Share cap. A/c) | |||||
| c) | Equity Share Allotment A/c | Dr. | 4,00,000 | ||
| To Equity Share capital A/c | 4,00,000 | ||||
| (Being allotment money due on 10,000 share @ 4 per shares) | |||||
| d) | Bank A/c | Dr. | 4,00,000 | ||
| To Equity Share Application & Allotment A/c | 4,00,000 | ||||
| (Being allotment money received on 10,000 share @ 4 as per shares ) | |||||
| e) | Equity share first & final Call A/c | Dr. | 4,00,000 | ||
| To Equity Share capital A/c | 4,00,000 | ||||
| (Being call money on 10,000 share @ 4 as per shares per the resolution of Board of directors ) | |||||
| f) | Bank A/c | Dr. | 4,00,000 | ||
| To Equity Share first & final Call A/c | 4,00,000 | ||||
| (Being first call money received on 10,000 share @ 4 as per shares ) | |||||
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 06 Chapter 8 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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