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Question no 21 Chapter 1- Class 12 Part 2 Unimax
Avnet Ltd. offered 3,00,000 equity shares of ₹ 10 each at ₹ 12 per share, payable ₹ 3 on application (including premium of ₹ 2) ₹ 3 allotment and the balance in two equal instalments at the end of three months and six months from the date of allotment respectively. Application for 4,10,000 shares were received by June 30,2020 and shares were allotted at the rate of 3 shares for every 4 shares applied for on July 15,2022 and ₹ 30,000 was refunded by July 31, 2022. All amounts due were received on due dates.
Show the journal entries (including cash) and draw up a balance sheet.
[Total of balance sheet ₹ 36,00,000]
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Bank A/c | Dr. | 12,30,000 | |||
| To Shares Application A/c | 12,30,000 | ||||
| (Being application money received on 41,000 shares @ ₹ 3 per share) | |||||
| Shares Application A/c | Dr. | 12,30,000 | |||
| To Equity Share capital A/c | 3,00,000 | ||||
| To Securities premium A/c | 6,00,000 | ||||
| To Share Allotments A/c | 3,00,000 | ||||
| To Bank A/c | 30,000 | ||||
| (Being application money transferred to share application A/c allotment and excess refunded) | |||||
| Equity Share Allotment A/c | Dr. | 9,00,000 | |||
| To Equity shares capital A/c | 9,00,000 | ||||
| (Being allotment money due on 3,00,000 shares @ ₹ 3 per share) | |||||
| Bank A/c | Dr. | 6,00,000 | |||
| To Equity Share Allotment A/c | 6,00,000 | ||||
| (Being the balance amount received on allotment) | |||||
| Equity Shares first call A/c | Dr. | 9,00,000 | |||
| To Equity Share capital A/c | 9,00,000 | ||||
| (Being the amount due for first call on 3,00,000 share @ ₹ 3 per share) | |||||
| Bank A/c | Dr. | 9,00,000 | |||
| To Share first and final call A/c | 9,00,000 | ||||
| (Being of first call money received on 3,00,000 shares @ ₹ 3 per share) | |||||
| Share second and final call A/c | Dr. | 9,00,000 | |||
| To Equity share capital A/c | 9,00,000 | ||||
| (Being second and final call money due on 300000 shares @ ₹ 3 per share) | |||||
| Bank A/c | Dr. | 9,00,000 | |||
| To Equity Share second and final Call A/c | 9,00,000 | ||||
| (Being second and final money received) | |||||
Balance Sheet ( extract form)
| Particulars |
Current year ₹ | Previous year ₹ | |
|---|---|---|---|
| Shareholder fund | |||
| 1 share capital: | 30,00,000 | ||
| 1 share capital: 3,00,000 equity share @ 10 |
30,00,000 | ||
| 2 Reserve and Surplus | 6,00,000 | ||
| Security premium | 36,00,000 | ||
| Current Assets | |||
| Cash and cash equivalents | 36,00,000 | ||
| 36,00,000 | |||
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 no 21 Chapter 1- Class 12 Part 2 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax Accountancy Class 12 Part 2 - 2023.
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