Question no 16 Chapter 1- Class 12 Part 2 Unimax

Question No  16 Chapter 1 - Unimax Class 12 Part 2 - 2021

Guru Ltd. offered for subscription 20,000 equity shares of ₹ 10 each and 10,000, 10% preference shares of ₹ 10 each.
1. The amount on equity shares was payable as ₹ 3 on application, 3 on allotment and ₹ 4 on first and final call.
2. The amount on preference shares was payable as ₹ 4 on application, ₹ 3 on allotment and ₹ 3 on first and final call.
All the shares were fully subscribed. Prepare Cash book pass the necessary journal entries and show how “share capital” will appear in the Balance Sheet of the company. Also prepare ‘ notes to account’ for the same.

The solution of Question 16 Chapter 1 of +2 Part-2: -

Journal

Date	Particulars		L.F.	Debit	Credit
	Preference Shares Application A/c	Dr.		40,000
	Equity Share Application A/c	Dr.		60,000
	To 10% Preference Shares capital A/c				40,000
	To Equity Share Capital A/c				60,000
	(Being application money on preference and equity shares transferred to the respective capitals)
	Preference Share Allotment A/c	Dr.		30,000
	Equity share allotment A/c	Dr.		60,000
	To 10% Preference Shares capital A/c				30,000
	To Equity Share Capital A/c				60,000
	(Being allotment money due on 10,000 preference shares @ ₹ 3 per share and on 20,000 equity shares @ ₹ 3 per share)
	Preference Shares call A/c	.Dr.		30,000
	Equity share call A/c	Dr.		80,000
	To 10% Preference Shares capital A/c				30,000
	To Equity Share Capital A/c				80,000
	(Being call money due on 10,000 preference shares @ ₹ 3 per share and on 20,000 equity shares @ ₹ 4 per share)

Bank A/c