Advertisement
Question 22 Chapter 8 of +2-Part-1
Advertisement
22. (Oversubscription/ Prorata Allotment) Pilot Lad issued 10,000 equity shares of Rs. 10each , payable Rs. 2 on application, Rs. 3 on allotment and balance on first and final call.
Applications were received for 12,000 shares and shares were allotted as under :
Applicants for 8,000 shares were allotted in full, those who applied for 3,000 shares were allotted 2,000 shares and applications for 1,000 shares were rejected. Whole of the money was called and received. Pass the necessary journal entries in the books of company.
The solution of Question 22 Chapter 8 of +2 Part-1: –
Category | Applied | Allotted |
Full | 8,000 | 8,000 |
Pro – Rate | 3,000 | 2,000 |
Refund | 1,000 | |
12,000 | 10,000 |
Advertisement-Y
Journal |
|||||
Date | Particulars |
L.F. | Debit | Credit | |
a) | Bank A/c (10,000X2) | Dr. | 24,000 | ||
To Equity Share Application A/c | 24,000 | ||||
(Being receipt of application money received on 12,000 equity shares @ Rs. 2 per share ) | |||||
b) | Share Application A/c | Dr. | 24,000 | ||
To Equity Share capital A/c | 20,000 | ||||
To Equity Share allotment A/c | 2,000 | ||||
To Bank A/c | 2,000 | ||||
(Being 8,000 shares allotted & excess money refunded ) | |||||
c) | Equity Share Allotment A/c | Dr. | 30,000 | ||
To Share capital A/c | 30,000 | ||||
(Being allotment money due on 10,000 equity shares @ Rs. 3 per share ) | |||||
d) | Bank A/c (30,000 – 2,000) | Dr. | 28,000 | ||
To Share allotment A/c | 28,000 | ||||
(Being the receipt of the balance of the amount due on allotment ) | |||||
e) | Share first & final Call A/c | Dr. | 50,000 | ||
To Equity Share capital A/c | 50,000 | ||||
(Being first & final call money due on 10,000 equity share @ Rs. 5 per share ) | |||||
f) | Bank A/c | Dr. | 50,000 | ||
To Equity Share first & final Call A/c | 50,000 | ||||
(Being balance of first call money received in full) | |||||
Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Advertisement-X
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

Leave a Reply