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CBSE Class 12-commerce Answered

1) Akash Ltd issued 40000 equity shares of Rs. 20 each. It received applications for 63000. Pass Journal entries? 2) ABC Limited issued 10000 Equity Shares of Rs 10 each for subscription. All the shares were subscribed and alloted. Pass necessary journal entries in the books of the company?    
Asked by purnayyap | 23 Oct, 2019, 08:49: PM
answered-by-expert Expert Answer
1. In this case, the number of applications received is more than the number of shares issued. Therefore, following journal entries will be passed:
 
   Bank A/c       ...Dr.    12,60,000
       To Share Application A/c      12,60,000
 
   Assuming that the surplus application funds are refunded, following entry will be passed for adjustment of share capital:
 
    Shares Application A/c            ...Dr. 12,60,000
       To Share Capital A/c (40,000 x 20)     8,00,000
       To Bank A/c (13,000 x 20)                 4,60,000
 
2. In this case, all shares issued were subscribed and alloted, therefore, following journal entries will be passed:
    Bank A/c  (10,000 x 10)                  ...Dr.     1,00,000
        To Equity Share Application and Allotment A/c     1,00,000
 
    Equity Share Application and Allotment A/c   ...Dr.   1,00,000
        To Equity Share Capital A/c                                      1,00,000    
Answered by Surabhi Gawade | 24 Oct, 2019, 11:49: AM

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