[NCERT] Q 8 Accounting for Share Capital Solutions Class 12 (2022-23)

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Solutions of Question number 8 Accounting for Share Capital NCERT Accountancy solutions Class 12 CBSE Board 2022-23 Session?

Sumit Machine Ltd. issued 50,000 shares of ₹ 100 each at premium of 5%. The shares were payable ₹ 25 on application, ₹ 50 on allotment and ₹ 30 on first and final call. The issue was fully subscribed and money was duly received except the final call on 400 shares. The premium was adjusted on allotment.

Give Journal entries and prepare the balance sheet.

Solution:-

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