Question no 13 Chapter 1 - Unimax Class 12 Part 2

Question No 13 Chapter 1 – UNIMAX Class 12 Part 2 – 2021

Table of Contents

The solution of Question 13 Chapter 1 of +2 Part-2: –

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

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

ABC Ltd. issued 10,000 shares of ₹ 10 each at a premium of ₹ 3 per share payable as:

On application	₹ 4 (including ₹ 1 premium)
On allotment	₹ 5 (including ₹ 2 premium)
On First and Final Call	₹ 4

The application for 10,000 shares were received. All money was received as and when due. Give the necessary journal entries in the books of the company.

The solution of Question 13 Chapter 1 of +2 Part-2: –

Journal
Books of ABC Ltd.

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		40,000
	To share application A/c				40,000
	(Being the receipt of application money received on 10,000 shares @ ₹ 4 per share)
	Share application A/c	Dr.		40,000
	To share capital A/c				30,000
	To Securities Premium A/c				10,000
	(Being share application money transferred to share application A/c)
	Shares allotment A/c	Dr.		50,000
	To shares capital A/c				30,000
	To securities premium A/c				20,000
	(Being allotment money due on 10,000 shares @ ₹ 5 per share)
	Bank A/c	Dr.		50,000
	To shares allotment A/c				50,000
	(Being receipt of allotment money on 10,000 shares @ ₹ 5 per share)
	Shares first and final call A/c	Dr.		40,000
	To Share capital A/c				40,000
	(Being the amount due for final call on 10,000 shares @ ₹ 4 per share)
	Bank A/c	Dr.		40,000
	To Share first and final call A/c				40,000
	(Being the receipt of first & Final call money on 10,000 shares @ ₹ 4 per share)