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Question 22 Chapter 8 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 22 Chapter 8 of +2- Part
Q-22 - CH-8 - Usha +2 Book 2018 - Solution

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Question 22 Chapter 8 of +2-Part-1

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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: –

CategoryAppliedAllotted
Full8,0008,000
Pro – Rate3,0002,000
Refund1,000 
 12,00010,000
Journal
Date  Particulars
L.F.DebitCredit
a)Bank A/c (10,000X2)Dr. 24,000 
 To Equity Share Application A/c   24,000
 (Being application money received on 12,000 equity shares @ Rs. 2 per share )    
      
b)Share Application A/cDr. 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/cDr. 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 Equity Share allotment A/c   28,000
 (Being the receipt of the balance of the amount due on allotment )    
      
e)Equity Share first & final Call A/cDr. 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/cDr. 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

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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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