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Question 11 Chapter 8 of +2-Part-1
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Table of Contents
11. (Oversubscription) Punjab Spinning Mill offered 70,000 shares of 100 each at a premium of 20 per share to public payable as follows:
Rs. 35 on application
Rs. 65 on allotment (including premium) Rs. 20 on final call.
Applications for 70.000 shares were received. Prepare Journal.
The solution of Question 11 Chapter 8 of +2 Part-1: –
Journal | |||||
Date | Particulars | L.F. | Debit | Credit | |
a) | Bank A/c | Dr. | 24,50,000 | ||
To Share Application A/c | 24,50,000 | ||||
(Being application money received on 70,000 shares @ 35 per share ) | |||||
b) | Share Application A/c | Dr. | 24,50,000 | ||
To Share capital A/c | 24,50,000 | ||||
(Being application money of 70,000 shares transferred to share cap. A/c) | |||||
c) | Share Allotment A/c | Dr. | 45,50,000 | ||
To Share capital A/c | 31,50,000 | ||||
To Securities Premium A/c | 14,00,000 | ||||
(Being allotment due on 70,000 shares @ 65 per share including Rs, 20 per share ) | |||||
d) | Bank A/c | Dr. | 45,50,000 | ||
To Share Allotment A/c | 45,50,000 | ||||
(Being allotment money received ) | |||||
e) | Share Final Call A/c | Dr. | 14,00,000 | ||
To Share capital A/c | 14,00,000 | ||||
(Being final call due on 70,000 shares @ 20 per share ) | |||||
f) | Bank A/c | Dr. | 14,00,000 | ||
To Share Final Call A/c | 14,00,000 | ||||
(Being final call received ) | |||||
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
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