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Question 12 Chapter 8 of +2-Part-1
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12. (Premium in Application/Allotment) X Ltd. issued 10,000 shares of 10 each at a premium of Rs. 2 per share, payable as Rs. 2 per share on the application; Rs. 6 (including premium Re. 1) per share on allotment and Rs. 4 (including premium Re. 1) per share on final call. The issue was over-subscribed to the extent of 15,000 shares. Applicants for 12,000 shares were allotted only 1,000 shares and excess application money was adjusted towards allotment and call and Applicants for 4,000 shares were sent letters of regret and application money was returned. All the money was due on the allotment and the final call was received. Journalise the transactions.
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The solution of Question 12 Chapter 8 of +2 Part-1: –
| Analysis Table | |||||||||||
| Shares Applied | Shares Allotted | App. Money Received | App. Money adjusted towards Capital & Premium | Surplus | Allotment Money Due | Surplus adjusted towards allotment | Surplus | 1st Call Money due | Surplus adjusted towards 1st call | Surplus | Refund |
| 1 | 2 | (3) = (1) X Rs.2 | (4)= (2) X Rs.6 | (5)= (3) – (4) | (6)= (2) X Rs6 | 7 | (8)= (5) – (7) | (9)= (2) X Rs. 4 | 10 | (11)= (8)-(10) | 12 |
| 4,000 | 8000 | 8,000 | 8,000 | 8,000 | 8,000 | ||||||
| 12,000 | 1,000 | 24,000 | 2,000 | 22,000 | 6,000 | 6,000 | 16,000 | 4,000 | 4,000 | 12,000 | 12,000 |
| 9,000 | 9,000 | 18,000 | 18,000 | 54,000 | 36,000 | ||||||
| 25,000 | 10,000 | 50,000 | 20,000 | 30,000 | 60,000 | 6,000 | 20,000 | 40,000 | 4,000 | 20,000 | 20,000 |
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| a) | Bank A/c (25,000X2) | Dr. | 50,000 | ||
| To Share Application A/c | 50,000 | ||||
| (Being application money received on 25,000 share shares @ Rs. 2 per share) | |||||
| b) | Share Application A/c (25,000X2) | Dr. | 50,000 | ||
| To Share capital A/c | 20,000 | ||||
| To Share Allotment A/c | 6,000 | ||||
| To Calls in Advance A/c | 4,000 | ||||
| To Bank A/c | 20,000 | ||||
| (Being the transfer of share allotment A/c For 1,0000 shares @ Rs. 6 per share; to calls in advance for 1,000 shares @ Rs. 4 per share & Rs. 20,000 refunded to applicants ) | |||||
| c) | Share Allotment A/c | Dr. | 60,000 | ||
| To Share capital A/c | 50,000 | ||||
| To Securities Premium A/c | 10,000 | ||||
| (Being allotment due on 70,000 shares @ 65 per share including Rs, 20 per share ) | |||||
| d) | Bank A/c (60,000-6,000) | Dr. | 54,000 | ||
| To Share Allotment A/c | 54,000 | ||||
| (Being money received on allotment of 10,000 share @ Rs. 6 as per shares less Rs. 6,000 of 1,000 share receivable along with app.) | |||||
| e) | Share Allotment A/c (10,000X4) | Dr. | 40,000 | ||
| To Share capital A/c | 30,000 | ||||
| To Security Premium reserve A/c | 10,000 | ||||
| (Being final call money due on 10,000 share @ 4 as per shares including premium Re. 1 per share ) | |||||
| f) | Bank A/c (9,000X4) | Dr. | 36,000 | ||
| Calls in advance A/c (1,000X4) | Dr. | 4,000 | |||
| To Share final Call A/c (1,000X1) | 40,000 | ||||
| (Being final call money received & balance transferred to calls – in advance A/c ) | |||||
End of Solution
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Question 3 Chapter 8 of +2-Part-1 – USHA Publication
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Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 2 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
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Chapter No. 11 – Financial Statements of a Company
Chapter No. 12 – Financial Statement Analysis
Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 14 – Accounting Ratios
Chapter No. 15 – Cash Flow Statement
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
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1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
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