Q 81 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solution of Question number 81 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

X Ltd. with a nominal capital of ₹ 50,00,000 in equity shares of ₹ 10 each, issued 2,00,000 shares payable ₹ 2.50 per share on application, ₹ 2.50 per share on allotment and ₹ 5 per share on first and final call three months later. All moneys payable on allotment were duly received but one shareholder failed to pay the amount due on allotment on his 2,500 shares, while another shareholder who held 2,000 shares paid for the share first and final call also.

Make the necessary Journal entries in the company’s books to record that above transactions up to allotment of shares and show the Share Capital in the company’s Balance Sheet.

[Ans. Cash at Bank ₹ 10,03,750; Cash received on allotment ₹ 5,03,750 (₹ 5,00,000 ₹ 6,250 + ₹ 10,000). Subscribed but not fully paid Capital ₹ 9,93,750.]

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