Question no 21 Chapter 1 – Unimax Class 12 Part 2 – 2021

Question no -21 Chapter no-1 Unimax Class-12 Part-II
Question no -21 Chapter no-1 Unimax Class-12 Part-II

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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