[NCERT] Q 7 Accounting for Share Capital Solutions Class 12 (2022-23)

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Solutions of Question number 7 Accounting for Share Capital NCERT Accountancy solutions Class 12 CBSE Board 2022-23 Session?

Eastern Company Limited, with an authorised capital of ₹ 10,00,000 is divided into equity shares of ₹ 10 each, issued 50,000 equity shares at a premium of ₹ 3 per share payable as follows:

On Application₹ 3 per share
On Allotment (including premium)₹ 5 per share
On first call (due three months after allotment)₹ 3 per share

and the balance as and when required.

Applications were received for 60,000 shares and the directors allotted the shares as follows:

(a) Applicants for 40,000 shares received in full.

(b) Applicants for 15,000 shares received an allotment of 8,000 shares.

(c) Applicants for 5000 shares received on allotment of 2,000 shares, excess money being returned.

All amounts due on allotment were received.

The first call was duly made and the money was received with the exception of the call due on 100 shares.

Give journal and cash book entries to record these transactions of the company.

Also prepare the Balance Sheet of the company.

Solution:-

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