Question 31 Chapter 8 of Class 12 Part – 2 – 2024
25. (Shares Issued for Consideration other than Cash) Gurjap Ltd. purchased plant from Santosh for Rs. 3,78,000 payable in fully paid shares of Rs. 10 each pass journal entries when :
Shares are issued at par
Shares are issued at 20% premium.
The solution of Question 31 Chapter 8 of Class 12 Part – 2 – 2024: –
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| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| A) | Plant A/c | Dr. | 3,78,000 | ||
| To Santosh A/c | 3,78,000 | ||||
| (Being purchase of plant from Santosh) | |||||
| Case A – Shares are issued at par |
|||||
| B) | Santosh A/c | Dr. | 3,78,000 | ||
| To Share capital A/c | 3,78,000 | ||||
| (Being price of plant purchased paid in shares issues at par ) | |||||
| Case B – Shares are issued at 20% premium. | |||||
| B) | Santosh A/c | Dr. | 3,78,000 | ||
| To Share capital A/c WN-1 | 3,15,000 | ||||
| To Securities Premium A/c WN-1 | 63,000 | ||||
| (Being price of plant paid in shares being issued at 20 % premium) | |||||
Working notes of Question 31 Chapter 8 of Class 12 Part – 2 – 2024:
WN – 1 – Calculation of Amount of Shares and premium when issued at 20% premium: –
Total Value of Share = Face Value + Premium
= 10 + (10 * 20/100)
= 10 + 2
= 12/-
Now, We can calculated the total no. of share to be issued for purchase of plant
No. of Share = Total purchase amount of plant / Total value of Share
= 3,78,000 / 12
= 31,500
So now we can calculate the total amount of Share and Premium
Total Face Value of Share = No. of Shares X Face Value Per share
= 31,500 X 10
= 3,15,000/-
Total amount of Security Premium = No. of Shares X Premium Per share
= 31,500 X 2
= 63,000/-
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Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 2 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
Chapter No. 11 – Financial Statements of a Company
Chapter No. 12 – Financial Statement Analysis
Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 14 – Ratio Analysis
Chapter No. 15 – Cash Flow Statement
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
Check out Part 1 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 1, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 1 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication