Q 82 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solution of Question number 82 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

Zee Limited was registered with a capital of ₹ 20,00,000, divided into 80,000 shares of ₹ 25 each. The company offered to the public for subscription 40,000 shares payable ₹ 7.50 per share on Application, ₹ 7.50 per share on allotment and the balance in two calls of equal amounts. The company received applications for 46,400 shares. Applictions for 4,000 shares were rejected altogether and the application money was returned to the applicants. A person who applied for 4,000 shares was allotted only 1,600 shares and the excess of his application money was carried forward towards the payment of allotment and calls.

Make Journal entries to record the above issue of shares.

[Ans. Amount received on Allotment ₹ 2,88,000; on 1st Call ₹ 1,94,000; on Final Call ₹ 2,00,000.]

Solution:-