Question 06 Chapter 8 of +2-Part-1
6. (Fully Subscribed/Journal Entries) Sky Rockets Ltd. make an issue of 10,000 equity shares of Rs. 100 each, payable Rs. 20 on application, Rs. 40 on allotment and Rs. 40 on call. All the shares are subscribed and amounts duly received. Pass journal entries to give effect to these.
The solution of Question 06 Chapter 8 of +2 Part-1: –
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| a) | Bank A/c | Dr. | 2,00,000 | ||
| To Equity Share Application A/c | 2,00,000 | ||||
| (Being application money received on 10,000 equity share shares @ 20 each received ) | |||||
| b) | Equity Share Application A/c | Dr. | 2,00,000 | ||
| To Equity Share capital A/c | 2,00,000 | ||||
| (Being application money transferred to Share cap. A/c) | |||||
| c) | Equity Share Allotment A/c | Dr. | 4,00,000 | ||
| To Equity Share capital A/c | 4,00,000 | ||||
| (Being allotment money due on 10,000 share @ 4 as per shares per the resolution of Board of directors ) | |||||
| d) | Bank A/c | Dr. | 4,00,000 | ||
| To Equity Share cap. A/c | 4,00,000 | ||||
| (Being allotment money received on 10,000 share @ 4 as per shares ) | |||||
| e) | Equity share first & final Call A/c | Dr. | 4,00,000 | ||
| To Equity Share capital A/c | 4,00,000 | ||||
| (Being call money on 10,000 share @ 4 as per shares per the resolution of Board of directors ) | |||||
| f) | Bank A/c | Dr. | 4,00,000 | ||
| To Equity Share first & final Call A/c | 4,00,000 | ||||
| (Being first call money received on 10,000 share @ 4 as per shares ) | |||||
Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
