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Question No 23 Chapter 1 – Unimax Class 12 Part 2 – 2021
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Table of Contents
Mohan Ltd. offered for public subscription 50,000 equity shares of ₹ 10 each payable as follows:
| On Application | ₹ 5 |
| On Allotment | : ₹ 3 |
| On First and Final Call | : ₹ 2 |
Application were received for 75,000 shares. The directors rejected applications for 20,000 shares and allotted in full to the application for remaining shares. Pass Journal entries to record the above transactions.
The solution of Question 23 Chapter 1 of +2 Part-2: –
Journal
Books of ABC Ltd.
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 3,75,000 | |||
| To Shares Application A/c | 3,75,000 | ||||
| (Being application money received on 75,000 shares @ ₹ 5 per share) | |||||
| Shares Application A/c | Dr. | 3,75,000 | |||
| To share capital A/c | 2,50,000 | ||||
| To Share allotment A/c | 25,000 | ||||
| To Bank A/c | 1,00,000 | ||||
| (Being application money transferred to capital account and balance to share allotment A/c & Bank A/c) | |||||
| Share Allotment A/c | Dr. | 1,50,000 | |||
| To shares capital A/c | 1,50,000 | ||||
| (Being allotment money due with premium) | |||||
| Bank A/c | Dr. | 1,25,000 | |||
| To Share Allotment A/c | 1,25,000 | ||||
| (Being allotment money received) | |||||
| Shares first and final A/c | Dr. | 1,00,000 | |||
| To Share capital A/c | 1,00,000 | ||||
| (Being 1st and final call money due on 50,0000 shares @ ₹ 2 per share) | |||||
| Bank A/c | Dr. | 1,00,000 | |||
| To Share first and final call A/c | 1,00,000 | ||||
| (Being receipt of 1st & Final call money) | |||||
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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
