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Question 25 Chapter 8 of Class 12 Part – 2 – 2024
21. (Oversubscription/Prorata Allotment) Jaideep applied for 10,000 shares of Rs. 10 each in Simran Company. The amount being payable Rs. 2 on application Rs. 4 on allotment, Rs. 3 on first call and Rs. 1 on final call. He was allotted 8,000 shares. Excess money was retained for allotment . Pass necessary Journal entries.
We are providing a solution of Question 25 Chapter 8 of Class 12 Part – 2 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:
The video consists solution of question numbers from 23 to 25 Chapter no. 8 class 12 of Usha publication. To check the direct solution of question no. 25 from the flowing video by using time stamps of the video.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | Bank A/c (10,000X2) | Dr. | 20,000 | ||
| To Share Application A/c | 20,000 | ||||
| (Being application money received on) | |||||
| b) | Share Application A/c | Dr. | 20,000 | ||
| To Share capital A/c | 16,000 | ||||
| To Share allotment A/c | 4,000 | ||||
| (Being 8,000 shares allotted & excess money refunded ) | |||||
| c) | Share Allotment A/c (8,000 x 4) | Dr. | 32,000 | ||
| To Share capital A/c | 32,000 | ||||
| (Being allotment money due) | |||||
| d) | Bank A/c (32,000 – 4,000) | Dr. | 28,000 | ||
| To Share allotment A/c | 28,000 | ||||
| (Being allotment money received in full) | |||||
| e) | Share first Call A/c | Dr. | 24,000 | ||
| To Share capital A/c | 24,000 | ||||
| (Being final call money due on 22,000 share @ 30 per shares) | |||||
| f) | Bank A/c | Dr. | 24,000 | ||
| To Share First Call A/c | 24,000 | ||||
| (Being of first call money received in full) | |||||
| g) | Share final call A/c | Dr. | 8,000 | ||
| To Share capital A/c | 8,000 | ||||
| (Being final call money due on) | |||||
| h) | Bank A/c | Dr. | 8,000 | ||
| To Share final Call A/c | 8,000 | ||||
| (Being balance of final call money received in full) | |||||
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.
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