Q 25 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)
Solutions of Question number 25 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)
Q. 25. On October 1, 2023 X Ltd. offered 1,00,000 shares of ₹ 10 each payable as follows:
| On Application | ₹ 3 per share |
| On Allotment ( November 1, 2023) | ₹ 2 per share |
| On First Call (December 1, 2023) | ₹ 3 per share |
| On Second and Final Call (One Month after first call) | ₹ 2 per share |
Applications were received for 1,25,000 shares on October 15, 2023. Applications for 1,20,000 shares were allotted 1,00,000 shares and the remaining applications were rejected.
Give Journal entries assuming that all amounts have been received and the company maintains a combined account for application and allotment.
Solution:-
