DK Goel Solutions Q 22 Chapter 6 Issue of Shares Class 12 CBSE [2023-24]
Step-by-step solution of Question 22, Chapter 6 Accounting for Companies – Issue of Share Capital, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 22
X Ltd. issued shares for ₹ 20,00,000 divided into shares of ₹ 10 each at a premium of ₹ 5 per share, payable as under :
- On Application — ₹ 4 per share
- On Allotment — ₹ 6 (including premium of ₹ 3)
- On First and Final Call — Balance
Excess application money was to be adjusted against allotment and first and final call and the money on rejected applications was to be returned.
The issue was oversubscribed to the extent of 80,000 shares and the allotment was made as follows :
Applicants of 1,00,000 shares were allotted 30% shares, applicants for 10,000 shares were rejected and the remaining applicants were given full allotment.
All the money was duly received. Give journal entries.
Solution
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About this solution
This is Chapter 6 Accounting for Companies – Issue of Shares of DK Goel For 2024 Examinations.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per CBSE Guidelines. Just follow our presentation of solutions and score good marks in the Accountancy Board Exam.
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