Question 06 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 06 Chapter 8 of +2- Part

Question 06 Chapter 8 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 06 Chapter 8 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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