Question No 21 Chapter 1 – Unimax Class 12 Part 2 – 2021
Avnet Ltd. offered 3,00,000 equity shares of ₹ 10 each at ₹ 12 per share, payable ₹ 3 on application (including premium of ₹ 2) ₹ 3 allotment and the balance in two equal instalments at the end of three months and six months from the date of allotment respectively. Application for 4,10,000 shares were received by June 30,2020 and shares were allotted at the rate of 3 shares for every 4 shares applied for on July 15,2022 and ₹ 30,000 was refunded by July 31, 2022. All amounts due were received on due dates.
Show the journal entries (including cash) and draw up a balance sheet.
[Total of balance sheet ₹ 36,00,000]
The solution of Question 21 Chapter 1 of +2 Part-2: –
Journal
Books of Sakshi
Date | Particulars |
L.F. | Debit | Credit | |
Bank A/c | Dr. | 12,30,000 | |||
To Shares Application A/c | 12,30,000 | ||||
(Being application money received on 41,000 shares @ ₹ 3 per share) | |||||
Shares Application A/c | Dr. | 12,30,000 | |||
To Equity Share capital A/c | 3,00,000 | ||||
To Securities premium A/c | 6,00,000 | ||||
To Share Allotments A/c | 3,00,000 | ||||
To Bank A/c | 30,000 | ||||
(Being application money transferred to share application A/c allotment and excess refunded) | |||||
Equity Share Allotment A/c | Dr. | 9,00,000 | |||
To Equity shares capital A/c | 9,00,000 | ||||
(Being allotment money due on 3,00,000 shares @ ₹ 3 per share) | |||||
Bank A/c | Dr. | 6,00,000 | |||
To Equity Share Allotment A/c | 6,00,000 | ||||
(Being the balance amount received on allotment) | |||||
Equity Shares first call A/c | Dr. | 9,00,000 | |||
To Equity Share capital A/c | 9,00,000 | ||||
(Being the amount due for first call on 3,00,000 share @ ₹ 3 per share) | |||||
Bank A/c | Dr. | 9,00,000 | |||
To Share first and final call A/c | 9,00,000 | ||||
(Being of first call money received on 3,00,000 shares @ ₹ 3 per share) | |||||
Share second and final call A/c | Dr. | 9,00,000 | |||
To Equity share capital A/c | 9,00,000 | ||||
(Being second and final call money due on 300000 shares @ ₹ 3 per share) | |||||
Bank A/c | Dr. | 9,00,000 | |||
To Equity Share second and final Call A/c | 9,00,000 | ||||
(Being second and final money received) |
Balance Sheet ( extract form)
Particulars |
Current year ₹ | Previous year ₹ | |
Shareholder fund | |||
1 share capital: | 30,0000 | ||
1 share capital: 3,00,000 equity share @ 10 |
30,00,000 | ||
2 Reserve and Surplus | 6,00,000 | ||
Security premium | 36,00,000 | ||
Current Assets | |||
Cash and cash equivalents | 36,00,000 | ||
36,00,000 |
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Share Capital: Meaning, Types, and Classes
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
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