Question no 18 Chapter 1 - Unimax Class 12 Part 2

Question No 18 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

The solution of Question 18 Chapter 1 of +2 Part-2: –

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

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

X Ltd. invited application of 8,000 equity shares of ₹ 10 each issued at 40% premium. The whole amount was payable on application. The issue was under subscribed by 1000 shares. Pass the necessary journal entries.

The solution of Question 18 Chapter 1 of +2 Part-2: –

Journal
Books of M/S AB Ltd.

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		98,000
	To Share application & allotment A/c				98,000
	(Being the application money received (8,000-1,000=7,000) @ 10*4 %)
	Shares application & allotment A/c	Dr.		98,000
	To Share capital A/c				70,000
	To Securities premium				28,000
	(Being the application money received)