Question 5:
Grand
Marketing Ltd issued 2,50,000 Equity Shares of ` 10 each to
public. All amounts have been received in lump sum. Pass necessary Journal
entries in the books of the company.
Answer:
Authorised
Capital 2,50,000 equity shares of ` 10 each
Issued and
Subscribed Capital 2,50,000 shares
|
In the books of Grand
Marketing |
|||||
|
Date |
Particulars |
L.F. |
Debit ( `) |
Credit ( `) |
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
25,00,000 |
|
|
|
To Equity Share Application A/c |
|
|
25,00,000 |
|
|
|
(Share
application money received for 2,50,000 equity shares of ` 10 each) |
|
|
|
|
|
|
|
|
|
|
|
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|
Equity
Share Application A/c |
Dr. |
|
25,00,000 |
|
|
|
To Equity Share Capital A/c |
|
|
25,00,000 |
|
|
|
(Share
application of 2,50,000 equity shares of ` 10 each transferred to Equity
Share Capital Account ) |
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|
Question 6:
Authorised
capital of ` 16,00,000 of Bharat Ltd. is divide
into 1,60,000 Equity Shares of ` 10 each.
Out of these shares, 80,000 Equity Shares were issued at par to public for
subscription. The full nominal value is payable on application. All the shares
were subscribed by the public and total amount was paid for. Pass necessary
journal entries in the books of the company.
Answer:
Authorised
Capital 1,60,000 equity shares of ` 10 each
Issued and
Subscribed Capital 80,000 equity shares
|
Books of Bharat Limited Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ( `) |
Credit ( `) |
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
8,00,000 |
|
|
|
To Equity Share Application A/c |
|
|
8,00,000 |
|
|
|
(Share
application money received for 80,000 Equity Shares of ` 10 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
Share Application A/c |
Dr. |
|
8,00,000 |
|
|
|
To Equity Share Capital A/c |
|
|
8,00,000 |
|
|
|
(Share
application of 80,000 shares of ` 10 each transferred to Equity Share Capital
Accounts) |
|
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|
|
|
|
|
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|
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|
Question 7:
Akanksha
Leather Ltd. invited applications for 10,000 shares of ` 100
each payable as follows:
` 20
on application, ` 30 on
allotment, ` 20 on first call and the balance on
final call.
All the shares were applied and allotted. All the money was duly received.
You are required to Journalise these transactions.
Answer:
Issued and
Subscribed Capital 10,000 shares of ` 100 each
Payable as:
|
` |
20 |
on application |
|
` |
30 |
on allotment |
|
` |
20 |
on first call |
|
` |
30 |
on final call |
|
|
100 |
|
|
Books of Akanksha
Leather Journal |
||||||
|
Date |
Particulars |
L.F. |
Debit ( `) |
Credit ( `) |
||
|
|
|
|
|
|
||
|
|
Bank A/c |
Dr. |
|
2,00,000 |
|
|
|
|
To Share Application A/c |
|
|
2,00,000 |
||
|
|
(Share
application money received for 10,000 shares at ` 20 per share) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Share
Application A/c |
Dr. |
|
2,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
2,00,000 |
||
|
|
(Share
application of 10,000 shares of ` 20 each transferred to Share Capital) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Share
Allotment A/c |
Dr. |
|
3,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
3,00,000 |
||
|
|
(Share
allotment due on 10,000 shares at ` 30 per share) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Bank A/c |
Dr. |
|
3,00,000 |
|
|
|
|
To Share Allotment A/c |
|
|
3,00000 |
||
|
|
(Share
allotment money received for 10,000 Shares at ` 30 per share) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Share
First Call A/c |
Dr. |
|
2,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
2,00,000 |
||
|
|
(Share
first call due on 10,000 shares at ` 20 per share) |
|
|
|
||
|
|
|
|
|
|
||
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|
Bank A/c |
Dr. |
|
2,00,000 |
|
|
|
|
To Share First call A/c |
|
|
2,00,000 |
||
|
|
(Share
first call received on 10,000 shares at ` 20 per share) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Share
Final Call A/c |
Dr. |
|
3,00,000 |
|
|
|
|
To Share Capital A/c |
|
|
3,00,000 |
||
|
|
(Share
Final call due on 10,000 shares at `30 per shares) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Bank A/c |
Dr. |
|
3,00,000 |
|
|
|
|
To Share Final Call A/c |
|
|
3,00,000 |
||
|
|
(Share
final call received on 10,000 shares at ` 30 per share) |
|
|
|
||
|
|
|
|
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|
||
Question 8:
National Ltd
. was registered with the authorized capital of `3,00,000
divided into 3,000 shares of `100 each,
which were offered to the public . Amount payable as `30 per
share on application , `40 per share
on allotment and `30 per share
on first and final call . These shares were fully subscribed and all
money was dully received . Prepare journal and Cash Book.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ( `) |
Credit ( `) |
|
|
|
Share
Application A/c |
Dr. |
|
90,000 |
|
|
|
To Share
Capital |
|
|
|
90,000 |
|
|
(Share application
money transferred) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Allotment A/c |
Dr. |
|
1,20,000 |
|
|
|
To Share
Capital A/c |
|
|
|
1,20,000 |
|
|
(Share
allotment money transferred) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
First and Final Call A/c |
Dr. |
|
90,000 |
|
|
|
To Share Capital
A/c |
|
|
|
90,000 |
|
|
(Share
first and final call money transferred) |
|
|
|
|
|
Cash Book |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
( `) |
Particulars |
( `) |
||
|
Share
Application A/c |
90,000 |
Balance
c/d |
3,00,000 |
||
|
Share
Allotment A/c |
1,20,000 |
|
|
||
|
Share
First and Final Call A/c |
90,000 |
|
|
||
|
|
3,00,000 |
|
3,00,000 |
||
|
|
|
|
|
||
Ts Grewal Solution 2022-2023
Click below for more Questions
Class 12 / Volume – 2
Chapter 9- Company Accounts- Accounting for Share Capital
Question No. 1 To 4
Question No. 5 To 8
Question No. 9 To 12
Question No. 13 To 16
Question No. 17 To 20
Question No. 21 To 24
Question No. 25 To 28
Question No. 29 To 32
Question No. 33 To 36
Question No. 37 To 40
Question No. 41 To 44
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12th TS Grewal’s Accountancy Solutions