Question 8 Chapter 8 of Class 12 Part – 2 – 2024

Question 8 Chapter 8 of Class 12 Part – 2 – 2024

8. (Journal Entries/Cash Book) Star Company issued 80,000 12% preference shares of Rs. 100 each payable Rs. 40 on application; Rs. 20 on allotment and Rs. 40 on final call.
Applications were received for 70,000 shares. The amount was duly received. Prepare journal and cash Book.

The solution of Question 8 Chapter 8 of Class 12 Part – 2 – 2024: -

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Journal

Date	Particulars		L.F.	Debit	Credit
a)	12% Pref. Share Application A/c	Dr.		28,00,000
	To 12% Pref. Share capital A/c				28,00,000
	(Being 70,000 shares allotted )
b)	12 % Pref. Share Allotment A/c	Dr.		14,00,000
	To 12 % Pref. Share capital A/c				14,00,000
	(Being allotment may on 70,000 12%Pref. Share due)
c)	12% Pref. Share Final Call A/c	Dr.		28,00,000
	To 12% Pref. Share capital A/c				28,00,000
	(Being final call due )

Cash Book (Bank Cloumn only)

Particulars	Amount	Particulars	Amount
To 12 % Preference Share capital A/c	28,00,000	By Balance c/d	70,00,000
To Preference Share allotment A/c	14,00,000
To Preference Share final call A/c	28,00,000
	70,00,000		70,00,000