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Question no 7 Chapter 1 - Class 12 Part 2 Unimax
M Ltd. invited applications for 20,000 shares of ₹ 10 each payable as:
| On Application | : ₹ 3 |
| On Allotment | : ₹ 3 |
| On 1st Call | : ₹ 1 |
| On 2nd Call | :₹ 2 |
| On 3rd Call | :₹ 1 |
All the shares were applied and allotted. All the money duly received. You are required to journalese these transactions.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Bank A/c | Dr. | 60,000 | |||
| To Equity Shares Application A/c | 60,000 | ||||
| (Being the receipt of application money on 20,000 equity shares @ ₹ 3 per share) | |||||
| Shares Application A/c | Dr. | 60,000 | |||
| To Equity share capital A/c | 60,000 | ||||
| (Being share application money transferred to share application A/c) | |||||
| Share Allotment A/c | Dr. | 60,000 | |||
| to Equity shares capital A/c | 60,000 | ||||
| (Being allotment money due on 20,000 shares @ 3 ₹ per share) | |||||
| Bank A/c | Dr. | 60,000 | |||
| To Share Allotment A/c | |||||
| (Being receipt of allotment money on 20,000 shares @ ₹ 3 per share) | 60,000 | ||||
| Shares first A/c | Dr. | 20,000 | |||
| To Share capital A/c | 20,000 | ||||
| (Being the amount due for first call on 20,000 shares @ ₹ 1 per share) | |||||
| Bank A/c | Dr. | 20,000 | |||
| To Share first call A/c | 20,000 | ||||
| (Being the receipt on first call money on 20,000 shares @ ₹ 1 per share) | |||||
| Share second A/c | Dr. | 40,000 | |||
| To share capital A/c | 40,000 | ||||
| (Being amount due for second on 20,000 equity shares @ ₹ 2 per share) | |||||
| Bank A/c | Dr. | 40,000 | |||
| To Share second A/c | 40,000 | ||||
| (Being the receipt on second call due on 20,000 shares @ ₹ 2 per share) | |||||
| Share 3rd and final A/c | Dr. | 20,000 | |||
| To share capital A/c | 20,000 | ||||
| (Being share 3rd and final call due on 20,000 shares @ ₹ 1 per shares) | |||||
| Bank A/c | Dr. | 20,000 | |||
| To Share 3rd and final A/c | 20,000 | ||||
| (being receipt of 3rd and final call money on 20,000 shares @ ₹ 1 per share) | |||||
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 7 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.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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