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Question No 10 Chapter 1 – Unimax Class 12 Part 2 – 2021
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On 1st January 2022, A company was registered with a nominal capital of ₹ 5,00,000 divided into 5,000 shares of ₹ 100 each. It offered to the public 2,000 shares payable as ₹ 25 on application, ₹ 30 on allotment, ₹ 25 on first call and ₹ 20 on final call.
All the shares were fully subscribed for and directors want on allotment on 1st Feb. 2020. The first call was made on 1st March and the final call on 1st May. Give journal entries in the books of the company and post them into ledger accounts.
The solution of Question 10 Chapter 1 of +2 Part-2: –
Journal
Books of M/S AB Ltd.
| Date | Particulars | L.F. | Debit | Credit | |
| 2022 | |||||
| Jan. | Bank A/c | Dr. | 50,000 | ||
| To Equity Shares Application A/c | 50,000 | ||||
| (Being the receipt of application money on 2,000 shares @ ₹ 25 per share) | |||||
| Jan. | Shares Application A/c | Dr. | 50,000 | ||
| To Share capital A/c | 50,000 | ||||
| (Being share application money transferred to share application A/c) | |||||
| Feb. | Share Allotment A/c | Dr. | 60,000 | ||
| To shares capital A/c | 60,000 | ||||
| (Being allotment money due on 2,000 shares @ 30 ₹ per share) | |||||
| Feb. | Bank A/c | Dr. | 60,000 | ||
| To Share Allotment A/c | 60,000 | ||||
| (Being receipt of allotment money received) | |||||
| March | Shares first call A/c | Dr. | 50,000 | ||
| To Share capital A/c | 50,000 | ||||
| (Being first call money due on 2,000 share @ ₹ 25 each) | |||||
| March | Bank A/c | Dr. | 50,000 | ||
| To Share first call A/c | 50,000 | ||||
| (Being first call of share first call money received) | |||||
| May | Share second and final A/c | Dr. | 40,000 | ||
| To share capital A/c | 40,000 | ||||
| (Being final call money due on 2,000 equity shares @ ₹ 20 each) | |||||
| May | Bank A/c | Dr. | 40,000 | ||
| To Share second and final A/c | 40,000 | ||||
| (Being second and final call money received) | |||||
Bank A/c
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 2022 | 2022 | ||||||
| Jan. | To Share application A/c | 50,000 | May 31 | By Balance C/d | 2,00,000 | ||
| Feb. | To Share allotment A/c | 60,000 | |||||
| March | To Share first call A/c | 50,000 | |||||
| May | To Second and final call A/c | 40,000 | |||||
| 2,00,000 | 2,00,000 | ||||||
| June | To Balance b/d | 2,00,000 |
Share application A/c
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 2022 | 2022 | ||||||
| Jan. | To Share application A/c | 50,000 | Jan. | By Bank A/c | 50,000 | ||
| 50,000 | 50,000 |
Share capital A/c
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| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 2022 | 2022 | ||||||
| May 31 | By Balance C/d | 2,00,000 | Jan. | By Share application A/c | 50,000 | ||
| Feb. | By Share allotment A/c | 60,000 | |||||
| March | By Share first call A/c | 50,000 | |||||
| May | By Second and final call A/c | 40,000 | |||||
| 2,00,000 | 2,00,000 | ||||||
| June | To Balance b/d | 2,00,000 |
Share Allotment A/c
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 2022 | 2022 | ||||||
| Feb. | To Share capital A/c | 60,000 | Feb.1 | By Bank A/c | 60,000 | ||
| 60,000 | 60,000 |
Share First call A/c
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 2022 | 2022 | ||||||
| Mar.1 | To Share capital A/c | 50,000 | Mar.1 | By Bank A/c | 50,000 | ||
| 50,000 | 50,000 |
Share Second and Final call A/c
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 2022 | 2022 | ||||||
| May 1 | To Share capital A/c | 40,000 | May 1 | By Bank A/c | 40,000 | ||
| 40,000 | 40,000 |
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Share Capital: Meaning, Types, and Classes
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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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
