Question no 7 Chapter 1 - Unimax Class 12 Part 2

Question No 7 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

M Ltd. invited applications for 20,000 shares of ₹ 10 each payable as:

All the shares were applied and allotted. All the money duly received. You are required to journalese these transactions.

The solution of Question 7 Chapter 1 of +2 Part-2: –

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		60,000
	To Equity Shares Application A/c				60,000
	(Being the receipt of application money on 20,000 equity shares @ ₹ 3 per share)

	Shares Application A/c	Dr.		60,000
	To Equity share capital A/c				60,000
	(Being share application money transferred to share application A/c)

	Share Allotment A/c	Dr.		60,000
	to Equity shares capital A/c				60,000
	(Being allotment money due on 20,000 shares @ 3 ₹ per share)

	Bank A/c	Dr.		60,000
	To Share Allotment A/c
	(Being receipt of allotment money on 20,000 shares @ ₹ 3 per share)				60,000

	Shares first A/c	Dr.		20,000
	To Share capital A/c				20,000
	(Being the amount due for first call on 20,000 shares @ ₹ 1 per share)

	Bank A/c	Dr.		20,000
	To Share first call A/c				20,000
	(Being the receipt on first call money on 20,000 shares @ ₹ 1 per share)

	Share second A/c	Dr.		40,000
	To share capital A/c				40,000
	(Being amount due for second on 20,000 equity shares @ ₹ 2 per share)

	Bank A/c	Dr.		40,000
	To Share second A/c				40,000
	(Being the receipt on second call due on 20,000 shares @ ₹ 2 per share)

	Share 3rd and final A/c	Dr.		20,000
	To share capital A/c				20,000
	(Being share 3rd and final call due on 20,000 shares @ ₹ 1 per shares)

	Bank A/c	Dr.		20,000
	To Share 3rd and final A/c				20,000
	(being receipt of 3rd and final call money on 20,000 shares @ ₹ 1 per share)