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Question 11 Chapter 8 of +2-Part-1
11. (Oversubscription) Punjab Spinning Mill offered 70,000 shares of 100 each at a premium of 20 per share to public payable as follows:
Rs. 35 on application
Rs. 65 on allotment (including premium) Rs. 20 on final call.
Applications for 70.000 shares were received. Prepare Journal.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | Bank A/c | Dr. | 24,50,000 | ||
| To Share Application A/c | 24,50,000 | ||||
| (Being application money received on 70,000 shares @ 35 per share ) | |||||
| b) | Share Application A/c | Dr. | 24,50,000 | ||
| To Share capital A/c | 24,50,000 | ||||
| (Being application money of 70,000 shares transferred to share cap. A/c) | |||||
| c) | Share Allotment A/c | Dr. | 45,50,000 | ||
| To Share capital A/c | 31,50,000 | ||||
| To Securities Premium A/c | 14,00,000 | ||||
| (Being allotment due on 70,000 shares @ 65 per share including Rs, 20 per share ) | |||||
| d) | Bank A/c | Dr. | 45,50,000 | ||
| To Share Allotment A/c | 45,50,000 | ||||
| (Being allotment money received ) | |||||
| e) | Share Final Call A/c | Dr. | 14,00,000 | ||
| To Share capital A/c | 14,00,000 | ||||
| (Being final call due on 70,000 shares @ 20 per share ) | |||||
| f) | Bank A/c | Dr. | 14,00,000 | ||
| To Share Final Call A/c | 14,00,000 | ||||
| (Being final call received ) | |||||
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 11 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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