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Question No 28 Chapter 1 – Unimax Class 12 Part 2 – 2021
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Pawan Ltd. was registered with a capital of ₹ 8,00,000 in shares of ₹ 10each and issued 50,000 such at a premium of ₹ 2 per share, payable as ₹ 3per share on application, ₹ 4 per share on allotment (including premium) and ₹ 3 per share on first call and balance on second and final call.
All the money payable on application and allotment was duly received but when the first call was made, on shareholder paid the entries balance on his holding of 1,000 shares and another shareholder holding 500 shares failed to pay the first call money. Give journal entries to record the above transactions.
The solution of Question 28 Chapter 1 of +2 Part-2: –
Journal
Books of APJ Limited
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c | Dr. | 1,50,000 | |||
| To Shares Application A/c | 1,50,000 | ||||
| (Being application money received on 50,000 shares @ ₹ 3 per share) | |||||
| Shares Application A/c | Dr. | 1,50,000 | |||
| To Equity share capital A/c | 1,50,000 | ||||
| (Being application money transferred to capital account) | |||||
| Share Allotment A/c | Dr. | 2,00,000 | |||
| To shares capital A/c | 1,00,000 | ||||
| To Securities premium A/c | 1,00,000 | ||||
| (Being allotment money due with premium) | |||||
| Bank A/c | Dr. | 2,00,000 | |||
| To Share Allotment A/c | 2,00,000 | ||||
| (Being allotment money received) | |||||
| Shares first calls A/c | Dr. | 1,50,000 | |||
| To Share capital A/c | 1,50,000 | ||||
| (Being 1st call money due on 50,000 shares @ ₹ 3 per share) | |||||
| Bank A/c | Dr. | 1,50,000 | |||
| Calls in arrears A/c | Dr. | 1,500 | |||
| To Share first call A/c | 1,50,000 | ||||
| To Call in advance A/c | 2,000 | ||||
| (Being receipt of 1st call money) | |||||
| Shares 2nd and final call A/c | Dr. | 1,00,000 | |||
| To Share capital A/c | 1,00,000 | ||||
| (Being 2nd and final call money due on 50,0000 shares @ ₹ 2 per share) | |||||
| Bank A/c | Dr. | 98,000 | |||
| To Share 2nd and final call A/c | 98,000 | ||||
| (Being shares 2nd and final call money received) | |||||
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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
