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sunsine Ltd. issued 10,000, 10‰ preference shares of Rs. 100 each payable Rs. 20 on application Rs. 30 on allotment, Rs. 40 on 1st call and rest on final call. public subscribe for 15,000 shares and the Board of directors made pre-rate allotment All money due was duly received expect allotment money on 1,000 shares and calls money on 1,500 shares. The shares on which arrear was due from allotment were forfeited. pass the journal entries and prepare the balance sheet of the company
Most Upvoted Answer
sunsine Ltd. issued 10,000, 10‰ preference shares of Rs. 100 each paya...
Pref. share capital A/c Dr.100000
To calls in arrears A/C 70000
To forfeiture A/c. 30000
Community Answer
sunsine Ltd. issued 10,000, 10‰ preference shares of Rs. 100 each paya...

Journal Entries:

1. For issue of preference shares:
Preference Share Capital A/c Dr. 1,000,000
Share Application A/c Cr. 200,000
Share Allotment A/c Cr. 300,000
Share 1st Call A/c Cr. 400,000
Share Final Call A/c Cr. 100,000
(Being 10,000 preference shares issued)

2. For receipt of application and allotment money:
Bank A/c Dr. 500,000
Share Application A/c Cr. 500,000
(Being application and allotment money received)

3. For allotment of shares:
Share Allotment A/c Dr. 30,000
Share Capital A/c Cr. 30,000
(Being allotment money due on 1,000 shares)

4. For calls money received:
Bank A/c Dr. 60,000
Share 1st Call A/c Cr. 60,000
(Being calls money received on 1,500 shares)

5. For forfeiture of shares:
Share Allotment A/c Dr. 30,000
Share 1st Call A/c Dr. 40,000
Share Final Call A/c Dr. 30,000
Share Capital A/c Cr. 100,000
(Being shares forfeited for non-payment of arrears)

Balance Sheet:

Liabilities:
- Share Capital:
- Preference Share Capital: Rs. 1,000,000

Assets:
- Cash and Bank: Rs. 430,000
- Share Application: Rs. 200,000
- Share Allotment: Rs. 30,000
- Share 1st Call: Rs. 40,000
- Share Final Call: Rs. 30,000
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sunsine Ltd. issued 10,000, 10‰ preference shares of Rs. 100 each payable Rs. 20 on application Rs. 30 on allotment, Rs. 40 on 1st call and rest on final call. public subscribe for 15,000 shares and the Board of directors made pre-rate allotment All money due was duly received expect allotment money on 1,000 shares and calls money on 1,500 shares. The shares on which arrear was due from allotment were forfeited. pass the journal entries and prepare the balance sheet of the company
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sunsine Ltd. issued 10,000, 10‰ preference shares of Rs. 100 each payable Rs. 20 on application Rs. 30 on allotment, Rs. 40 on 1st call and rest on final call. public subscribe for 15,000 shares and the Board of directors made pre-rate allotment All money due was duly received expect allotment money on 1,000 shares and calls money on 1,500 shares. The shares on which arrear was due from allotment were forfeited. pass the journal entries and prepare the balance sheet of the company for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about sunsine Ltd. issued 10,000, 10‰ preference shares of Rs. 100 each payable Rs. 20 on application Rs. 30 on allotment, Rs. 40 on 1st call and rest on final call. public subscribe for 15,000 shares and the Board of directors made pre-rate allotment All money due was duly received expect allotment money on 1,000 shares and calls money on 1,500 shares. The shares on which arrear was due from allotment were forfeited. pass the journal entries and prepare the balance sheet of the company covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for sunsine Ltd. issued 10,000, 10‰ preference shares of Rs. 100 each payable Rs. 20 on application Rs. 30 on allotment, Rs. 40 on 1st call and rest on final call. public subscribe for 15,000 shares and the Board of directors made pre-rate allotment All money due was duly received expect allotment money on 1,000 shares and calls money on 1,500 shares. The shares on which arrear was due from allotment were forfeited. pass the journal entries and prepare the balance sheet of the company.
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