Question 21 Chapter 8 of +2-A
Table of Contents
21. Sony media ltd. Issued 50,000 shares of Rs 10 each payables Rs 3 on the application, Rs on allotments and balance on first and final call. The application was received for 1,00,000 shares and allotment was made as follows:
| (i)applicants for 60,000 shares were allotted 30,000 shares. | 30,000 shares |
| (II) applicants for 40,000 shares were allotted 20,000 shares. | 30,000 shares |
Anupam to whom 1,000 shares were allotted from category (i) failed to pay the allotment money.
Pass journal entries up to the allotment.
The solution of Question 21 Chapter 8 of +2-A: –
| Date | Particulars |
L.F. | Debit | Credit | |
| Bank A/c | Dr. | 3,00,000 | |||
| To equity share application A/c | 3,00,000 | ||||
| (Being the application money received ) | |||||
| Equity Share application A/c | Dr. | 3,00,000 | |||
| To Equity share capital A/c | 1,50,000 | ||||
| To Equity share allotments A/c | 1,50,000 | ||||
| (Being application money transferred to equity share capital ) | |||||
| Equity Share allotment A/c | Dr | 2,00,000 | |||
| To Share capital A/c | 2,00,000 | ||||
| (Being the allotment money due ) | |||||
| Cash A/c | Dr | 49,000 | |||
| Calls in arrear A/c* | Dr | 1000 | |||
| To Equity Share allotment A/c | 50,000 | ||||
| (Being application money transferred to equity share capital ) | |||||
| Share first and final call A/c | Dr. | 1,50,000 | |||
| To Share capital A/c | 1,50,000 | ||||
| (Being the first call money due ) | |||||
| Cash A/c | Dr. | 1,50,000 | |||
| To Share first and final call A/c | 1,50,000 | ||||
| (Being first and final call money received ) | |||||
| Particulars |
Amount | |
| Calculation of number of shares = applied number of shares /allotted shares*number of shares(60,000/30,000*1000) | 2000 | |
| Amount received on application (2000 * 3) | 6000 | |
| Amount due on application (1000 * 3) | 3000 | |
| Excess amount | ||
| Amount due on the allotment (1000 * 4) | 4000 | |
| Less: excess amount | 3000 | |
| 1000 | ||
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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
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