Question no 20 Chapter 1- Class 12 Part 2 Unimax

Question No  20 Chapter 1 - Unimax Class 12 Part 2 - 2021

Sakshi Ltd. issued a prospectus inviting applications for 40,000 shares of ₹ 10 each at premium of ₹ 2 per share payable as ₹ 2 on application, ₹ 5 (including premium) on allotment, ₹ 3 on first call and balance on second and final cell.
Application were received for 35,000 shares. All money was duly received. Pass the necessary journal entries.

The solution of Question 20 Chapter 1 of +2 Part-2: -

Journal
Books of Sakshi

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		70,000
	To Shares Application A/c				70,000
	(Being the receipt of application money on 35,000 shares @ ₹ 2 per share)
	Shares Application A/c	Dr.		70,000
	To Share capital A/c				70,000
	(Being share application money transferred to share application A/c)
	Share Allotment A/c	Dr.		1,75,000
	To Shares capital A/c				1,05,000
	To Securities premium				70,000
	(Being allotment money due on 35,000 shares @ 5 ₹ per share)
	Bank A/c	Dr.		1,75,000
	To Share Allotment A/c				1,75,000
	(Being receipt of allotment money on 35,000 shares @ ₹ 5 per share)
	Shares first call A/c	Dr.		1,05,000
	To Share capital A/c				1,05,000
	(Being the amount due for first call on 35,000 share @ ₹ 3 per share)
	Bank A/c	Dr.		1,05,000
	To Share first call A/c				1,05,000
	(Being the receipt of first call money on 35,000 shares @ ₹ 3 per share)
	Share second call A/c	Dr.		70,000
	To share capital A/c				70,000
	(Being amount due for second on 35,000 equity shares @ ₹ 2 per share)
	Bank A/c	Dr.		70,000
	To Share second Call A/c				70,000
	(Being the receipt of second call money on 35,000 share @ ₹ 2 per share)