Table of Content

Issue of Share for Cash | Old is Gold | Grade 12

OLD IS GOLD SOLUTION | MANAGEMENT | ACCOUNT GRADE 12

Issue of share for cash

2076 set B Q.N. no 9

Working note

Applied share

Allotted share

Excess money

Adj. to allotment

Refund

20000

4000

4000

 

12000

0

Got full share

6000

6000*30

180000

 

 

 

 

 

180000

 

 

 

 

4000*30

120000


Journal Entries

Particular

Debit

Credit

Bank a/c Dr(20000*30)

      To share application a/c

(Being share allotment money received)

600000

 

300000

180000

120000

Share application a/c Dr

       To share capital (10000*30)

       To share allotment a/c

       To Bank a/c

(Being application money transferred to share capital)

600000

 

300000

180000

120000

Share allotment a/c Dr (10000*40)

      To share capital (10000*30)

      To share premium (10000*10)

(Being share allotment money made due at 10 % premium)

400000

300000

100000

Bank a/c Dr (400000-180000+20000)

Calls in advance a/c Dr (500*40)

    To share allotment a/c

(Being share allotment money received)

220000

20000

 

 

240000

Share first and final call a/c Dr (10000*40)

   To share capital

(Being Share first and final money made due )

400000

 

400000

Bank a/c Dr  (400000-2000)

Calls in advance a/c Dr

      To share first and final call a/c

(Being share first and final call money received)

380000

20000

 

 

400000

 

2076 set C Q.N. no 9

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

14000

4000

2000

 

8000

10000

Got full share

 

 

6000

 

 

 

 

 

60000

 

 

 

 

 

180000

 

 

2000*30

60000  

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr(1400*30)

      To share application a/c

(Being share allotment money received)

420000

 

420000

 

Share application a/c Dr

       To share capital (10000*30)

       To share allotment a/c

       To Bank a/c

(Being application money transferred to share capital)

420000

 

300000

60000

60000

Share allotment a/c Dr (10000*30)

Discount on the issue of share a/c Dr (10000*10)

      To share capital (10000*40)

(Being share allotment money made due at 10 % discount)

300000

100000

 

 

400000

 

Bank a/c Dr (300000-60000)

    To share allotment a/c

(Being share allotment money received)

260000

 

260000

Share first and final call a/c Dr (10000*30)

   To share capital

(Being Share first and final money made due )

300000

 

300000

Bank a/c Dr  

Calls in arrears a/c Dr (400*30)

      To share first and final call a/c

(Being share first and final call money received)

288000

12000

 

 

300000

 

2075 set A Q.N. no 10

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

6000

 

5000

 

1000

4000

 

4000

 

 

 

 

1000*20

20000

 

 

 

 

 

20000

 

 

 

 

1000*20

20000

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

120000

 

120000

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To Bank a/c

(Being application money transferred to share capital)

120000

 

80000

20000

20000

Share allotment a/c Dr 

      To share capital 

      To share premium 

(Being share allotment money made due at 20 % premium)

200000

 

120000

80000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

180000

 

180000

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

160000

 

160000

Bank a/c Dr  

      To share first and final call a/c

(Being share first and final call money received)

160000

 

160000

 

2075 set B Q.N. no 10

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

14000

13000

 

1000

10000

10000

 

 

3000*30

90000

 

90000

 

 

 

 

1000*30

30000

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

420000

 

 

420000

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To Bank a/c

(Being application money transferred to share capital)

420000

 

300000

90000

30000

Share allotment a/c Dr 

      To share capital 

400000

 

400000

(Being share allotment money made due )

 

 

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

310000

 

310000

 

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

300000

 

300000

Bank a/c Dr  

Calls in arrears a/c Dr

      To share first and final call a/c

(Being share first and final call money received)

270000

3000

 

 

 

300000

 

2074 Supp. Q.N. no 10

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

40000

20000

 

10000

10000

20000

10000

 

Got full share

 

10000*20

200000

 

200000

 

 

 

 

10000*20

200000

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

800000

 

800000

 

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To Bank a/c

(Being application money transferred to share capital)

800000

 

400000

200000

200000

Share allotment a/c Dr 

      To share capital 

(Being share allotment money made due )

300000

 

300000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

100000

 

100000

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

1000000

 

1000000

 

Bank a/c Dr  

      To share first and final call a/c

(Being share first and final call money received)

1000000

 

1000000

 

2072 Supp. Q.N. no 10

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

20000

4000

10000

 

6000

10000

Got full share

6000

 

 

 

4000*50

200000

 

 

 

200000

 

 

 

 

 

 

6000*50

300000

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

1000000

 

1000000

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To Bank a/c

(Being application money transferred to share capital)

1000000

 

500000

200000

300000

Share allotment a/c Dr 

      To share capital 

(Being share allotment money made due )

600000

 

600000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

400000

 

400000

 

2072 Set C Q.N. no 9

Journal Entries

Particular

Debit

Credit

Share allotment a/c Dr 

      To share capital 

(Being share allotment money made due )

150000

 

150000

Bank a/c Dr 

    To share allotment a/c

    To first call in advance money a/c

    To final call in advance money a/c

(Being share allotment money received one shareholder holding 50 shares paid the entire the sum on allotment)

175000

 

 

150000

1000

1500

Share first, call a/c Dr 

   To share capital

(Being Share first call money made due )

100000

 

100000

Bank a/c Dr  

First call in advance a/c

      To share first call a/c

(Being share first call money received)

99000

1000

 

 

100000

 

2072 Set D Q.N. no 9

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

500000

 

 

500000

Share application a/c Dr

       To share capital 

(Being application money transferred to share capital)

500000

 

500000

Share allotment a/c Dr 

      To share capital 

(Being share allotment money made due )

500000

 

500000

Bank a/c Dr 

Calls in arrears a/c Dr

    To share allotment a/c

(Being share allotment money received except one shareholder hold 100 shares fail to pay allotment money)

495000

5000

 

 

500000

 

2072 set E Q.N. no 10

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

2000

6000

 

 

2000

Full got 2000

3000

 

3000*30

90000

 

 

 

90000

 

 

 

 

2000*30

60000

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

300000

 

300000

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To bank a/c

(Being application money transferred to share capital)

300000

 

150000

90000

60000

 

Share allotment a/c Dr 

      To share capital 

(Being share allotment money made due )

250000

 

250000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

160000

 

160000

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

100000

 

100000

Bank a/c Dr  

      To share first and final call a/c

(Being share first and final call money received)

100000

 

100000

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

300000

 

300000

 

2071 Supp. Q.N. no 9

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

1000

 

15000

 

 

 

 

10000

 

 

5000*30

150000

 

 

 

150000

 1000*30

30000

 

 

 

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

480000

 

480000

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To bank a/c

(Being application money transferred to share capital)

480000

 

300000

150000

30000

Share allotment a/c Dr 

      To share capital 

(Being share allotment money made due )

400000

 

 

400000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

250000

 

250000

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

300000

 

300000

Bank a/c Dr  

Calls in arrears a/c Dr

      To share first and final call a/c

(Being share first and final call money received)

297000

3000

 

 

300000

 

2071 set C Q.N. no 9

 

Journal Entries

Particular

Debit

Credit

Share allotment a/c Dr 

Discount on the issue of share a/c Dr

      To share capital 

(Being share allotment money made due at discount)

875000

250000

 

 

1125000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

875000

 

875000

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

750000

 

750000

Bank a/c Dr  

      To share first and final call a/c

(Being share first and final call money received)

750000

 

750000

 

2071 set D Q.N. no 9

 

Journal Entries

Particular

Debit

Credit

Share allotment a/c Dr 

Premium on the issue of share a/c Dr

      To share capital 

(Being share allotment money made due )

600000

200000

 

 

800000

 

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

600000

 

600000

 

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

6000000

 

6000000

Bank a/c Dr  

      To share first and final call a/c

(Being share first and final call money received)

6000000

 

6000000

 

 

2070 Supp. Q.N. no 10

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

2000

18000

 

2000

Got full share 8000

 

10000*3

30000

 

 

16000

 

 

14000

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

66000

 

66000

 

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To share first and final call a/c

       To Bank a/c

(Being application money transferred to share capital)

66000

 

30000

16000

14000

6000

 

Share allotment a/c Dr 

      To share capital 

(Being share allotment money made due )

20000

 

20000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

4000

 

4000

 

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

50000

 

50000

 

Bank a/c Dr  

      To share first and final call a/c

(Being share first and final call money received)

36000

 

36000

 

 

2070 set D Q.N. no 9

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

1000000

 

1000000

 

Share application a/c Dr

       To share capital 

 (Being application money transferred to share capital)

1000000

 

1000000

 

Share allotment a/c Dr 

      To share capital 

      To share premium a/c 

(Being share allotment money made due )

3000000

 

1000000

2000000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

3000000

 

3000000

 

 

2069 Supp. set A Q.N. no 9

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

50000

 

50000

Share application a/c Dr

       To share capital 

 (Being application money transferred to share capital)

50000

 

50000

Share allotment a/c Dr 

Discount on the issue of share a/c Dr

      To share capital 

(Being share allotment money made due )

30000

 

10000

20000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

30000

 

30000

 

 

2069 Supp. Set B Q.N. no 10

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

5000

10000

 

 

 

5000

Got full share

5000

 

 

5000*3

15000

 

 

 

15000

 

 

 

 

 

 

 

 

5000*3

15000

 

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

60000

 

60000

 

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To bank a/c

(Being application money transferred to share capital)

60000

 

30000

15000

15000

Share allotment a/c Dr 

      To share capital 

(Being share allotment money made due )

40000

 

40000

 

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

25000

 

25000

 

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

30000

 

30000

 

Bank a/c Dr  

Calls in arrears a/c Dr

      To share first and final call a/c

(Being share first and final call money received)

29700

300

 

30000

 

 

 

2069 set A Q.N. no 9

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr  (40000*20)

      To share application a/c

(Being share allotment money received)

800000

 

800000

Share application a/c Dr

       To share capital  

 (Being application money transferred to share capital)

Share allotment a/c Dr (40000*50) 

800000

2000000

 

800000

 

      To share capital 

      To premium on issue of share a/c

(Being share allotment money made due at 10% premium

)

400000

1600000

 

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

2000000

 

2000000

 

2069 Set B Q.N. no 10

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

2000

4000

 

 

1000

Got full share 3000

 

1000*30

30000

 

 

 

 

30000

 

 

 

 

1000*30

30000

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

210000

 

210000

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To bank a/c

(Being application money transferred to share capital)

210000

 

 

 

 

150000

30000

30000

Share allotment a/c Dr 

      To share capital 

(Being share allotment money made due )

200000

 

200000

 

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

170000

 

170000

 

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

150000

 

150000

 

Bank a/c Dr  

      To share first and final call a/c

(Being share first and final call money received)

150000

 

150000

 

 

2068 Q.N. no 9

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr  

      To share application a/c

(Being share allotment money received)

200000

 

200000

 

Share application a/c Dr

       To share capital 

 (Being application money transferred to share capital)

200000

 

200000

 

Share allotment a/c Dr 

      To share capital 

      To premium on issue of share a/c

(Being share allotment money made due at 5% premium )

350000

 

300000

50000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

350000

 

350000

 

 

2068 Supp. Q.N. no 10

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

5000

10000

 

 

5000

Full share 5000

 

5000*30

150000

 

 

 

150000

 

 

 

 

 

5000*30

150000

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

600000

 

600000

 

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To bank a/c

(Being application money transferred to share capital)

600000

 

 

 

300000

150000

150000

 

Share allotment a/c Dr 

      To share capital 

      To premium on issue of share

(Being share allotment money made due at 10% premium

)

500000

 

400000

100000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

350000

 

350000

 

Share first and final call a/c Dr     To share capital

(Being Share first and final money made due )

300000

 

300000

Bank a/c Dr  

Call in arrears a/c Dr

      To share first and final call a/c

(Being share first and final call money received)

294000

6000

 

 

 

300000

 

 

2067 Q.N. no 9

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr  

      To share application a/c

(Being share allotment money received)

100000

 

100000

 

Share application a/c Dr

       To share capital 

 (Being application money transferred to share capital)

100000

 

100000

 

Share allotment a/c Dr 

Discount on the issue of share

      To share capital 

(Being share allotment money made due at 10% discount)

200000

50000

 

 

250000

 

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

150000

 

150000

 

 

2067 Supp. Q.N. no 10

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

5000

8000

 

12000

Full share

 

 

5000

 

 

 

7000*40

280000

 

 

 

 

280000

 

 8000*40

320000

 

 

 

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

1000000

 

1000000

 

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To bank a/c

(Being application money transferred to share capital)

1000000

 

 

 

400000

280000

320000

 

Share allotment a/c Dr 

      To share capital 

      To premium on issue of share

(Being share allotment money made due at 10% premium)

500000

 

400000

100000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

220000

 

220000

 

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

200000

 

200000

 

2066 Q.N. no 9

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr  

      To share application a/c

(Being share allotment money received)

250000

 

250000

 

Share application a/c Dr

       To share capital 

 (Being application money transferred to share capital)

250000

 

250000

 

Share allotment a/c Dr 

      To share capital 

      To premium on issue of share a/c

(Being share allotment money made due at 10% premium

)

300000

 

250000

50000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

300000

 

300000

 

 

2069 Supp. Q.N. no 9

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

4000

9000

 

2000

Full share 6000

 

3000*15

45000

 

 

 

 

45000

 

 

 

 

 

 2000*15

30000

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

225000

 

225000

 

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To bank a/c

(Being application money transferred to share capital)

225000

 

 

150000

45000

30000

 

Share allotment a/c Dr 

      To share capital 

      To premium on issue of share

(Being share allotment money made due at 10% premium)

250000

 

200000

50000

Bank a/c Dr 

Calls in arrears a/c Dr (400*(25-(45000/6000))) i.e

400*(25-17.5)

    To share allotment a/c

(Being share allotment money received except one shareholder holding 400 shares fail to pay allotment money)

198000

7000

 

 

 

205000

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

150000

 

150000

 

Bank a/c Dr  

Calls in arrears a/c Dr 

      To share first and final call a/c

(Being share first and final call money received except one shareholder holding 400 share fail to pay call money)

144000

6000

 

 

150000

 

2066 (c) Q.N. no 10

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

2000

 

15000

 

 

10000

 

 

5000*25

125000

 

 

 

125000

2000*25

50000

 

 

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

425000

 

425000

 

Share application a/c Dr

       To share capital 

       To share allotment a/c

425000

 

250000

125000

       To bank a/c

(Being application money transferred to share capital)

 

50000

 

Share allotment a/c Dr 

      To share capital 

      (Being share allotment money made)

250000

 

250000

 

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

125000

 

125000

 

 

2065 Q.N. no 10

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

150000

 

150000

 

Share application a/c Dr

       To share capital 

(Being application money transferred to share capital)

150000

 

150000

Share allotment a/c Dr 

      To share capital 

      To premium on issue of share

(Being share allotment money made due at 10% premium)

200000

 

150000

50000

 

Bank a/c Dr 

      To first call in advance a/c

       To final call in advance a/c

      To share allotment a/c

(Being share allotment money received one shareholder holding 300 shares paid the entire amount along with allotment money)

200000

 

6000

6000

200000

 

Share first call a/c Dr 

   To share capital

(Being Share first money made due )

200000

 

200000

 

Bank a/c Dr  

First call in advance a/c Dr

      To share first call a/c

(Being share first call money received)

194000

6000

 

 

200000

 

 

2065 Q.N. no 10 (Old)

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

5000

1000

Full

5000

 

5000*30

150000

 

 

 

150000

 

 

 

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

450000

 

450000

 

Share application a/c Dr

       To share capital 

       To share allotment a/c

(Being application money transferred to share capital)

450000

 

300000

150000

 

Share allotment a/c Dr 

      To share capital 

(Being share allotment money made)

500000

 

500000

 

Bank a/c Dr 

Calls in arrears a/c Dr (400*(50-(150000/5000)

    To share allotment a/c

(Being share allotment money received except one shareholder holding 400 shares fail to pay allotment money)

342000

8000

 

 

 

350000

 

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

200000

 

200000

 

Bank a/c Dr  

Calls in arrears a/c Dr 

      To share first and final call a/c

(Being share first and final call money received except one shareholder holding 400 share fail to pay call money)

192000

8000

 

 

200000

 

 

 

2064 Q.N. no 9

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr  

      To share application a/c

(Being share allotment money received)

50000

 

50000

 

Share application a/c Dr

       To share capital 

 (Being application money transferred to share capital)

50000

 

50000

 

Share allotment a/c Dr 

      To share capital 

      To premium on issue of share a/c

(Being share allotment money made due at 20% premium

)

70000

 

50000

20000

 

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

70000

 

70000

 

 

2064 Supp. Q.N. no 9

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr  

      To share application a/c

(Being share allotment money received)

5000

5000

 

Share application a/c Dr

       To share capital 

 (Being application money transferred to share capital)

5000

 

5000

 

Share allotment a/c Dr 

      To share capital 

      To premium on issue of share a/c

(Being share allotment money made due at 20% premium

)

7000

 

5000

2000

 

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

7000

 

7000

 

 

2063 Q.N. no 1

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

1000

 

20000

 

 

 

15000

 

 

5000*20

100000

 

 

 

100000

 1000*20

20000

 

 

 

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

420000

 

420000

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To bank a/c

(Being application money transferred to share capital)

420000

 

 

100000

20000

Share allotment a/c Dr 

      To share capital 

      To premium on issue of share a/c

(Being share allotment money made)

600000

 

450000

150000

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

500000

 

500000

 

 

 

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

750000

 

750000

 

 

2062 Q.N. no 1

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

4000

 

36000

 

 

30000

 

 

6000*10

60000

 

 

 

60000

 4000*10

40000

 

 

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

400000

 

400000

 

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To bank a/c

(Being application money transferred to share capital)

400000

 

300000

60000

40000

 

Share allotment a/c Dr 

      To share capital 

600000

 

576000

      To premium on issue of share a/c (Being share allotment money made)

24000

 

Bank a/c Dr 

    To share allotment a/c

(Being share allotment money received)

540000

 

540000

 

Share first and final call a/c Dr 

   To share capital

(Being Share first and final money made due )

600000

 

600000

 

 

2069 Q.N. no 1

Working note

Applied share

Allotted share

Excess money

Adj. to

allotment

Refund

2000

 

6000

 

 

 

5000

 

 

1000*30

30000

 

 

 

30000

 2000*30

60000

 

 

 

Journal Entries

Particular

Debit

Credit

Bank a/c Dr

      To share application a/c

(Being share allotment money received)

240000

 

240000

 

Share application a/c Dr

       To share capital 

       To share allotment a/c

       To bank a/c

(Being application money transferred to share capital)

240000

 

150000

30000

60000

 

Share allotment a/c Dr 

      To share capital 

      To premium on issue of share a/c

(Being share allotment money made at 20% premium)

200000

 

100000

100000

Bank a/c Dr 

    To share allotment a/c

    To first call in advance a/c

    To final call in advance a/c

(Being share allotment money received except one shareholder holding 400 shares fail to pay allotment money)

180000

 

170000

4000

6000

 

 

Share first call a/c Dr 

   To share capital

(Being Share first call money made due )

100000

 

100000

 

Bank a/c Dr  

Calls in arrears a/c Dr

First call in advance a/c Dr 

      To share first call a/c

(Being share first call money received except one shareholder holding 300 share fail to pay first call money)

90000

6000

4000

 

 

 

100000

 

 

 

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