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Question 13 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 13 Chapter 8 of +2- Part
Q-13 - CH-8 - Usha +2 Book 2018 - Solution

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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 application220
On allotment 5(including premium )30
On first call 330
On second  call 220

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.DebitCredit
a)Bank A/cDr. 4,00,000 
 To Equity Share Application A/c   2,00,000
 To Preference Share Application A/c   2,00,000
 (Being receipt of application money of 1,00,000 shares @ 2 per share & 10,00 preference shares @ 20 )    
      
b)Equity Share Application A/cDr. 2,00,000 
 To Equity Share capital A/c   2,00,000
 (Being the transfer of app. Amount to Share cap. A/c)    
      
c)Preference Share Application A/cDr. 2,00,000 
 To 10%Preference Share capital A/c   2,00,000
 (Being the transfer of app. Amount to Share cap. A/c )    
      
d)Equity Share Allotment A/cDr. 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 including Rs. 2 per share premium )    
      
e)Preference Share allotment A/cDr. 3,00,000 
 To 10 % Preference Share capital A/c   3,50,000
 (Being allotment money due on 10,000 preference share @ 25 as per shares )    
      
f)Bank A/cDr. 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/cDr. 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/cDr. 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/cDr. 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/cDr. 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/cDr. 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/cDr. 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)    
     

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

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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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