Question 20 Chapter 8 of +2-A
Table of Contents
20. Sugandh ltd issued 60,000 Shares of Rs 10 each at a premium of RS 2 per share payables as Rs 3 on the application , Rs 5( including premium) on the allotment and the balance on first and final call. The application was received for 92,000 shares. The directors resolved to allot as :
| (I)Applicants of 40,000 shares | 30,000 shares |
| (II)Applicants of 50,000 shares | 30,000 shares |
| (iii) Applicants of 2000 shares. | Nil… |
Mohan, who had applied for 800 shares in category (I) and solan, who was allotted 600 shares in category (II) failed to pay the allotment money. Calculate the amount received on an allotment.
The solution of Question 20 Chapter 8 of +2-A: –
| Date | Particulars |
L.F. | Debit | Credit | |
| Bank A/c | Dr. | 2,76,000 | |||
| To equity share application A/c | 2,76,000 | ||||
| (Being the application money received ) | |||||
| Equity Share application A/c | Dr. | 2,76,000 | |||
| To Equity share capital A/c | 1,80,000 | ||||
| To Equity share allotmentsA/c | 90,000 | ||||
| To Bank A/c | 6000 | ||||
| (Being application money transferred to equity share capital ) | |||||
| Equity Share allotment A/c | Dr | 3,00,000 | |||
| To Share capital A/c | 1,80,000 | ||||
| To Equity Share premium A/c | 1,20,000 | ||||
| (Being the allotment money due ) | |||||
| Cash A/c | Dr. | 2,05,800 | |||
| calls in arrear A/c | Dr. | 4200 | |||
| To Equity Share allotment A/c | 2,10,000 | ||||
| (Being first and final call money received ) | |||||
| Share first final call A/c | Dr. | 2,40,000 | |||
| To Share capital A/c | 2,40,000 | ||||
| (Being the first call money due ) | |||||
| Bank A/c | Dr. | 2,40,000 | |||
| To Share first and final call A/c | 2,40,000 | ||||
| (Being first and final call money received ) | |||||
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Also, Check out the solved question of previous Chapters: –
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
