Q.3.Software Solution India Ltd Inviting Application For 20,000 Equity Share of Rs 100 Each, Payable Rs 40 on Application, Rs 30 On Allotment and Rs 30 on call-Solution

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Q.3.Software solution India Ltd inviting application for 20,000 equity share of Rs 100 each, payable Rs 40 on application, Rs 30 on allotment and Rs 30 on call. The company received applications for 32,000 shares. Application for 2,000 shares were rejected and money returned to Applicants. Applications for 10,000 shares were accepted in full and applicants for 20,000 share allotted half of the number of share applied and excess application money adjusted into allotment. All money received due on allotment and call. Prepare journal and cash book.




Books of Software solution India Ltd

Journal

DateParticularsL.F
Amount
(Dr.)
Amount
(Cr.)
Bank A/cDr.12,80,000
   To Equity share Application A/c12,80,000
( Application money received for 32,000 shares @ Rs 40 per share )
Equity share Application A/cDr.12,80,000
   To Equity share Capital A/c8,00,000
   To Allotment A/c4,00,000
   To Bank A/c80,000
Equity Share Allotment A/cDr.6,00,000
   To Equity share Capital A/c6,00,000
( Allotment money Due on 20,000 shares @ 30 per share )
Bank A/cDr.2,00,000
   To Equity Share Allotment A/c2,00,000
( Allotment Money adjusted towards application money )
Equity Share First and final Call A/cDr.6,00,000
   To Equity share Capital A/c6,00,000
( Being money due on Equity Share First and final Call for 20,000 shares @ Rs 30 per each )
Bank A/cDr.6,00,000
    To Equity Share First and final Call A/c6,00,000
( Money received for Equity Share First and final Call for 20,000 shares @ Rs 30 per each )

Cash Book

DateParticularsJ.F
Amount
(Rs.)
DateParticularsJ.F
Amount
(Rs.)
Equity Share Application A/c12,80,000Equity Share Application A/c80,000
Equity Share Allotement A/c2,0,000
Equity Share First and final Call A/c6,00,000Balance b/d20,00,000
20,80,00020,80,000

Chapter-1 Accounting for Share Capital-II



Location: India

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