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Question No 20 Chapter 1 – Unimax Class 12 Part 2 – 2021
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Table of Contents
Sakshi Ltd. issued a prospectus inviting applications for 40,000 shares of ₹ 10 each at premium of ₹ 2 per share payable as ₹ 2 on application, ₹ 5 (including premium) on allotment, ₹ 3 on first call and balance on second and final cell.
Application were received for 35,000 shares. All money was duly received. Pass the necessary journal entries.
The solution of Question 20 Chapter 1 of +2 Part-2: –
Journal
Books of Sakshi
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 70,000 | |||
| To Shares Application A/c | 70,000 | ||||
| (Being the receipt of application money on 35,000 shares @ ₹ 2 per share) | |||||
| Shares Application A/c | Dr. | 70,000 | |||
| To Share capital A/c | 70,000 | ||||
| (Being share application money transferred to share application A/c) | |||||
| Share Allotment A/c | Dr. | 1,75,000 | |||
| To Shares capital A/c | 1,05,000 | ||||
| To Securities premium | 70,000 | ||||
| (Being allotment money due on 35,000 shares @ 5 ₹ per share) | |||||
| Bank A/c | Dr. | 1,75,000 | |||
| To Share Allotment A/c | 1,75,000 | ||||
| (Being receipt of allotment money on 35,000 shares @ ₹ 5 per share) | |||||
| Shares first call A/c | Dr. | 1,05,000 | |||
| To Share capital A/c | 1,05,000 | ||||
| (Being the amount due for first call on 35,000 share @ ₹ 3 per share) | |||||
| Bank A/c | Dr. | 1,05,000 | |||
| To Share first call A/c | 1,05,000 | ||||
| (Being the receipt of first call money on 35,000 shares @ ₹ 3 per share) | |||||
| Share second call A/c | Dr. | 70,000 | |||
| To share capital A/c | 70,000 | ||||
| (Being amount due for second on 35,000 equity shares @ ₹ 2 per share) | |||||
| Bank A/c | Dr. | 70,000 | |||
| To Share second Call A/c | 70,000 | ||||
| (Being the receipt of second call money on 35,000 share @ ₹ 2 per share) | |||||
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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
