Advertisement
Question 18 Chapter 8 of +2-Part-1
Advertisement
18. (Expenses on Issue) Hemant Textiles Ltd. having a nominal capital of Rs. 10,00,000 in shares of Rs. 100 each invited applications for 5,000 shares payable as follows :
On application Rs. 20
On allotment Rs. 25
On first call Rs. 25
On second and final call Rs. 30
All the shares were subscribed and allotment made. All the money was received except final call on 100 shares. Expenses of issue came to 10,000. They are to be written off in the same year. Pass journal entries in the books of company.
The solution of Question 18 Chapter 8 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| a) | Bank A/c (5,000 X 20) | Dr. | 1,00,000 | ||
| To Share Application A/c | 1,00,000 | ||||
| (Being application money received) | |||||
| b) | Share Application A/c | Dr. | 1,00,000 | ||
| To Share capital A/c (5,000 X 20) | 1,00,000 | ||||
| (Being application money transferred to Share cap. A/c) | |||||
| c) | Share Allotment A/c (5,000 X 25) | Dr. | 1,25,000 | ||
| To Share capital A/c | 1,25,000 | ||||
| (Being allotment money due on 5,000 share @ 25 per shares) | |||||
| d) | Bank A/c (5,000 X 25) | Dr. | 1,25,000 | ||
| To Share allotment A/c | 1,25,000 | ||||
| (Being allotment money received on 5,000 share @ 25 as per shares) | |||||
| e) | Share first Call A/c (5,000 X 25) | Dr. | 1,25,000 | ||
| To Share capital A/c | 1,25,000 | ||||
| (Being first call money due on 5,000 share @ 25 per shares) | |||||
| f) | Bank A/c (5,000 X 25) | Dr. | 1,25,000 | ||
| To Share first Call A/c | 1,25,000 | ||||
| (Being first call money received on 5,000 share @ 25 per shares) | |||||
| g) | Share second & final Call A/c (5,000 X 30) | Dr. | 1,50,000 | ||
| To Share capital A/c | 1,50,000 | ||||
| (Being final call money due on 5,000 share @ 30 per shares) | |||||
| h) | Bank A/c (5,000 X 30) | Dr. | 1,47,000 | ||
| Calls in arrear A/c | Dr. | 3,000 | |||
| To Share second & final Call A/c | 1,47,000 | ||||
| (Being second & final call money received on 5,000 share @ 30 per shares) | |||||
| i) | Share Issue Expense A/c | Dr. | 10,000 | ||
| To Bank A/c | 10,000 | ||||
| (Being share issue expenses paid ) | |||||
| j) | Profit & Loss A/c | Dr. | 2,000 | ||
| To Share Issue Expense A/c | 2,000 | ||||
| (Being one fifth of the expenses written off ) | |||||
End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Chapter No. 8 – Company Accounts (Share Capital) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Advertisement-Y
Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.
Thanks again.
End of Post
Download a PDF of Chapter No. 8 – Company Accounts (Share Capital):
If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.
Advertisement-X
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)
Chapter No. 11 – Financial Statements of a Company
Advertisement-X
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
Check out Part 1 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 1, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 1 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
Advertisement-X
Advertisement-Y
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication