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the authorised capital of Y limited is rupees 20 lakh which is divided into twelve thousand equity share rupees 10 each and 8006 percent preferences share of rupees hundred each the company issue 8000 equity share and 3000 6% preference share all the money was received in lump sum pass a general entry in the book of Y limited
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the authorised capital of Y limited is rupees 20 lakh which is divided...
General Entry for Issuing Shares in Y Limited
The general entry in the books of Y Limited for issuing shares can be recorded as follows:
1. Entry for Issuing Equity Shares:
Equity shares are issued at a face value of Rs. 10 each. Y Limited issues 8000 equity shares.
Date Particulars L.F. Amount (Rs.)
Bank A/C Dr. 80,000
To Equity Share Capital A/C (8000 Equity Shares @ Rs. 10 each) 80,000
2. Entry for Issuing Preference Shares:
Preference shares are issued at a face value of Rs. 100 each. Y Limited issues 3000 6% preference shares.
Date Particulars L.F. Amount (Rs.)
Bank A/C Dr. 3,00,000
To Preference Share Capital A/C (3000 Preference Shares @ Rs. 100 each) 3,00,000
3. Entry for Recording Lump Sum Receipt:
The company receives the entire amount in lump sum for issuing shares.
Date Particulars L.F. Amount (Rs.)
Bank A/C Dr. 3,80,000
To Equity Share Capital A/C 80,000
To Preference Share Capital A/C 3,00,000
Explanation
Authorized Capital:
The authorized capital of Y Limited is Rs. 20 lakh, which is divided into 12,000 equity shares of Rs. 10 each and 800 6% preference shares of Rs. 100 each.
Issuing Shares:
The company issues 8000 equity shares at a face value of Rs. 10 each and 3000 6% preference shares at a face value of Rs. 100 each.
Lump Sum Receipt:
The entire amount of Rs. 3,80,000 is received in lump sum for issuing shares. The company records the receipt of Rs. 80,000 for equity shares and Rs. 3,00,000 for preference shares.
The general entry in the books of Y Limited for issuing shares can be recorded as follows:
1. Entry for Issuing Equity Shares:
Equity shares are issued at a face value of Rs. 10 each. Y Limited issues 8000 equity shares.
Date Particulars L.F. Amount (Rs.)
Bank A/C Dr. 80,000
To Equity Share Capital A/C (8000 Equity Shares @ Rs. 10 each) 80,000
2. Entry for Issuing Preference Shares:
Preference shares are issued at a face value of Rs. 100 each. Y Limited issues 3000 6% preference shares.
Date Particulars L.F. Amount (Rs.)
Bank A/C Dr. 3,00,000
To Preference Share Capital A/C (3000 Preference Shares @ Rs. 100 each) 3,00,000
3. Entry for Recording Lump Sum Receipt:
The company receives the entire amount in lump sum for issuing shares.
Date Particulars L.F. Amount (Rs.)
Bank A/C Dr. 3,80,000
To Equity Share Capital A/C 80,000
To Preference Share Capital A/C 3,00,000
Explanation
Authorized Capital:
The authorized capital of Y Limited is Rs. 20 lakh, which is divided into 12,000 equity shares of Rs. 10 each and 800 6% preference shares of Rs. 100 each.
Issuing Shares:
The company issues 8000 equity shares at a face value of Rs. 10 each and 3000 6% preference shares at a face value of Rs. 100 each.
Lump Sum Receipt:
The entire amount of Rs. 3,80,000 is received in lump sum for issuing shares. The company records the receipt of Rs. 80,000 for equity shares and Rs. 3,00,000 for preference shares.
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the authorised capital of Y limited is rupees 20 lakh which is divided into twelve thousand equity share rupees 10 each and 8006 percent preferences share of rupees hundred each the company issue 8000 equity share and 3000 6% preference share all the money was received in lump sum pass a general entry in the book of Y limited Related: Chapter Notes - Accounting for Share Capital?
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the authorised capital of Y limited is rupees 20 lakh which is divided into twelve thousand equity share rupees 10 each and 8006 percent preferences share of rupees hundred each the company issue 8000 equity share and 3000 6% preference share all the money was received in lump sum pass a general entry in the book of Y limited Related: Chapter Notes - Accounting for Share Capital? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about the authorised capital of Y limited is rupees 20 lakh which is divided into twelve thousand equity share rupees 10 each and 8006 percent preferences share of rupees hundred each the company issue 8000 equity share and 3000 6% preference share all the money was received in lump sum pass a general entry in the book of Y limited Related: Chapter Notes - Accounting for Share Capital? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for the authorised capital of Y limited is rupees 20 lakh which is divided into twelve thousand equity share rupees 10 each and 8006 percent preferences share of rupees hundred each the company issue 8000 equity share and 3000 6% preference share all the money was received in lump sum pass a general entry in the book of Y limited Related: Chapter Notes - Accounting for Share Capital?.
the authorised capital of Y limited is rupees 20 lakh which is divided into twelve thousand equity share rupees 10 each and 8006 percent preferences share of rupees hundred each the company issue 8000 equity share and 3000 6% preference share all the money was received in lump sum pass a general entry in the book of Y limited Related: Chapter Notes - Accounting for Share Capital? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about the authorised capital of Y limited is rupees 20 lakh which is divided into twelve thousand equity share rupees 10 each and 8006 percent preferences share of rupees hundred each the company issue 8000 equity share and 3000 6% preference share all the money was received in lump sum pass a general entry in the book of Y limited Related: Chapter Notes - Accounting for Share Capital? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for the authorised capital of Y limited is rupees 20 lakh which is divided into twelve thousand equity share rupees 10 each and 8006 percent preferences share of rupees hundred each the company issue 8000 equity share and 3000 6% preference share all the money was received in lump sum pass a general entry in the book of Y limited Related: Chapter Notes - Accounting for Share Capital?.
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