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Question 11 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 11 Chapter 8 of +2- Part
Q-11 - CH-8 - Usha +2 Book 2018 - Solution

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Question 11 Chapter 8 of +2-Part-1

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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.DebitCredit
a)Bank A/cDr. 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/cDr. 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/cDr. 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/cDr. 45,50,000 
 To Share Allotment A/c   45,50,000
 (Being allotment money received )    
      
e)Share Final Call A/cDr. 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/cDr. 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

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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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