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Question 13 Chapter 8 of +2-Part-1
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13. (Issue Share at Par/Premium) X Y Z Co. Ltd. issued 1,00,000 equity shares of 10 at a premium of 2 per share and 10,000 10 % preference shares of 100 each payable as follows :
| Equity shares | Preference share | |
| On application | 2 | 20 |
| On allotment | 5(including premium ) | 30 |
| On first call | 3 | 30 |
| On second call | 2 | 20 |
All the shares offered were subscribed for by the public and cash duly received.
Pass necessary journal entries to record the above issue of shares.
The solution of Question 13 Chapter 8 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| a) | Bank A/c | Dr. | 4,00,000 | ||
| To Equity Share Application A/c | 2,00,000 | ||||
| To 10% Preference Share Application A/c | 2,00,000 | ||||
| (Being receipt of application money of 1,00,000 shares @ 2 per share & 10,000 preference shares @ 20 per share ) | |||||
| b) | Equity Share Application A/c | Dr. | 2,00,000 | ||
| To Equity Share capital A/c | 2,00,000 | ||||
| (Being transfer of application money to equity share Capital A/c) | |||||
| c) | 10% Preference Share Application A/c | Dr. | 2,00,000 | ||
| To 10% Preference Share capital A/c | 2,00,000 | ||||
| (Being transfer of application money to Preference share Capital A/c) | |||||
| d) | Equity Share Allotment A/c | Dr. | 5,00,000 | ||
| To Equity Share capital A/c | 3,00,000 | ||||
| To Securities Premium A/c | 2,00,000 | ||||
| (Being allotment money due on 1,00,000 equity share @ Rs. 5 per share including Rs. 2 per share premium ) | |||||
| e) | 10% Preference Share Allotment A/c | Dr. | 3,00,000 | ||
| To 10% Preference Share Capital A/c | 3,00,000 | ||||
| (Being allotment money due on 10,000 preference share @ ₹ 30 as per share) | |||||
| f) | Bank A/c | Dr. | 8,00,000 | ||
| To Equity Share Allotment A/c | 5,00,000 | ||||
| To Preference Share Allotment A/c | 3,00,000 | ||||
| (Being allotment money received ) | |||||
| g) | Equity share first Call A/c | Dr. | 3,00,000 | ||
| To Equity Share capital A/c | 3,00,000 | ||||
| (Being first call money due on 1,00,000 share @ Rs. 3 per share ) | |||||
| h) | Preference share first Call A/c | Dr. | 3,00,000 | ||
| To 10% Preference Share capital A/c | 3,00,000 | ||||
| (Being first call money due on 1,00,000 shares @ Rs. 25 per share ) | |||||
| i) | Bank A/c | Dr. | 6,00,000 | ||
| To Equity Share First Call A/c | 3,00,000 | ||||
| To Preference Share First Call A/c | 3,00,000 | ||||
| (Being the receipt of first call Amount ) | |||||
| j) | Equity share final Call A/c | Dr. | 2,00,000 | ||
| To Equity Share capital A/c | 2,00,000 | ||||
| (Being final call money due on 1,00,000 share @ Rs. 3 per share ) | |||||
| k) | 10% Preference Share Final Call A/c | Dr. | 2,00,000 | ||
| To 10% Preference Share Capital A/c | 2,00,000 | ||||
| (Being Final call money made on 10,000 Preference share @ Rs. 20 per share) | |||||
| l) | Bank A/c | Dr. | 4,00,000 | ||
| To Equity Share First Call A/c | 2,00,000 | ||||
| To Preference Share First Call A/c | 2,00,000 | ||||
| (Being the receipt of Final call Amount on Equity Share & 10% Preference Share) | |||||
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
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- 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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