Question no 23 Chapter 1 - Unimax Class 12 Part 2

Question No 23 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

The solution of Question 23 Chapter 1 of +2 Part-2: –

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

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

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)