Q 111 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solution of Question number 111 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

X Ltd. invited applications for the issue of 10,00,000 equity shares of ₹ 10 each payable as follows:

On Application and Allotment	₹ 3 per share
On First Call	₹ 4 per share
On Second and Final Call	₹ 3 per share

Applications for 15,00,000 shares were received and pro-rata allotment was made to all the applicants. Excess application money was adjusted on the sums due on first call. When the first call was made one shareholder who had applied for 15,000 shares did not pay the first call money.

Pass necessary journal entries in the books of the company.

[Ans. Net amount received on 1st call in cash ₹ 24,75,000.]

Solution:-

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