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Accounting for Share Capital — Accountancy STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceAccountancyAccounting for Share Capital6 Marks
Question
Software solution India Ltd inviting application for 20,000 equity share of ₹ 100 each, payable ₹ 40 on application, ₹ 30 on allotment and ₹ 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.
✓

Answer




Amount due on Allotment for 20,000 shares @ ₹ 30 per share
Money adjusted on application 10,000 shares @ ₹ 40 each
Money to be received on Allotment
6,00,000
(4,00,000)
2,00,000

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