commercemine.com

12th | Company Accounts- Accounting for Share Capital | Question No.  5 To 8 | Ts Grewal Solution 2022-2023

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
Journal

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)

 

 

 

 

 

 

 

 

 

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 )

 

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

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

Click on below links for 

12th TS Grewal’s Accountancy Solutions

Ts Grewal Solution 2022-2023

Ts Grewal Solution 2021-2022

Ts Grewal Solution 2020-2021