Question no 33 Chapter 1- Unimax Class 12 Part 2

Question No 33 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

The solution of Question 33 Chapter 1 of +2 Part-2: –

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

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

(a) Bhawna Ltd. was registered with a nominal capital of ₹ 1,00,000 divided into shares of ₹ 10 each. The company purchased assets for ₹ 27,000 from Bhatia. The company issued fully paid equity shares of ₹ 10 each in satisfaction of claim. Give journal entries of the above transaction if Bhawna Ltd. issued shares: (1) at par, (2) 20% premium (3) As a sweat equity at a discount for 10%.
(b) Shares of ₹ 10,000 were issued at promoters for their services. Give journal entries.

The solution of Question 33 Chapter 1 of +2 Part-2: –

Journal
Books of M/s Bhawna LTD.

Date	Particulars		L.F.	Debit	Credit
	Sundry assets A/c	Dr.		27,000
	To M/s Bhatia A/c				27,000
	(Being the assets purchases)
	Bhatia A/c	Dr.		27,000
	To Equity Share Capital A/c				27,000
	(Being 2700 equity shares issued to Bhatia @ ₹ 10 each in consideration of assets)
	Bhatia A/c	Dr.		27,000
	To Equity Shares Capital A/c				22,500
	To Securities premium A/c				4,00
	(Being 22500 equity shares reissued to Bhatia at premium @ 20% on each share)
	Bhatia A/c	Dr.		27,000
	Discount on shares A/c	Dr.		3000
	To Equity Share Capital A/c				30,000
	(Being 3000 issued to Bhatia at 10% Discount)
	Formation exp. A/c	Dr.		10,000
	To Equity share capital A/c				10,000
	(Being 1000 equity shares issued to promoters @ ₹ 10 each)