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Agfa Co. Ltd. issued 15,000 shares of xx 10 each at a premium of 2 per share, payable 3.(including premium) per share on application, 2 per share on allotment, 3 on first calland 4 on final call. The shares were all subscribed and money was duly received exceptthe first call money on 2,000 shares and the final call money on 2,500 shares. Give theJournal and Cash Book entries to record the above transactions.[Ans. Cash Book Balance 1,64,000]?
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Agfa Co. Ltd. issued 15,000 shares of xx 10 each at a premium of 2 per...
Journal and Cash Book Entries for Agfa Co. Ltd.
The following are the Journal and Cash Book entries to record the transactions:
1. On the issue of shares:
Journal Entry:
Bank A/c Dr. -- 4,05,000
Share Capital A/c 1,50,000
Share Premium A/c 60,000
To Equity Share Application A/c 90,000
To Equity Share Allotment A/c 30,000
(Being the issue of 15,000 shares at Rs.12 per share, including a premium of Rs.2 per share)
Cash Book Entry:
Debit: Bank A/c -- 4,05,000
Credit: Equity Share Application A/c -- 90,000
Credit: Equity Share Allotment A/c -- 30,000
Credit: Share Capital A/c -- 1,50,000
Credit: Share Premium A/c -- 60,000
2. On the first call:
Journal Entry:
Equity Share First Call A/c Dr. -- 6,000
(Being the first call made on 2,000 shares of Rs.3 per share)
Cash Book Entry:
Debit: Equity Share First Call A/c -- 6,000
3. On the allotment:
Journal Entry:
Bank A/c Dr. -- 30,000
Equity Share Allotment A/c Dr. -- 2,000
Share Capital A/c 30,000
To Equity Share Allotment A/c 32,000
(Being the allotment of 15,000 shares at Rs.2 per share)
Cash Book Entry:
Debit: Bank A/c -- 30,000
Debit: Equity Share Allotment A/c -- 2,000
Credit: Share Capital A/c -- 30,000
Credit: Equity Share Allotment A/c -- 32,000
4. On the final call:
Journal Entry:
Equity Share Final Call A/c Dr. -- 10,000
(Being the final call made on 2,500 shares of Rs.4 per share)
Cash Book Entry:
Debit: Equity Share Final Call A/c -- 10,000
5. On the receipt of final call money:
Journal Entry:
Bank A/c Dr. -- 1,00,000
Equity Share Final Call A/c Dr. -- 10,000
To Equity Share Capital A/c 1,10,000
(Being the final call money received on 2,500 shares)
Cash Book Entry:
Debit: Bank A/c -- 1,00,000
Debit: Equity Share Final Call A/c -- 10,000
Credit: Equity Share Capital A/c -- 1,10,000
Overall, the journal and cash book entries help the company keep track of their financial transactions and ensure that they are properly recorded in their accounting records.
The following are the Journal and Cash Book entries to record the transactions:
1. On the issue of shares:
Journal Entry:
Bank A/c Dr. -- 4,05,000
Share Capital A/c 1,50,000
Share Premium A/c 60,000
To Equity Share Application A/c 90,000
To Equity Share Allotment A/c 30,000
(Being the issue of 15,000 shares at Rs.12 per share, including a premium of Rs.2 per share)
Cash Book Entry:
Debit: Bank A/c -- 4,05,000
Credit: Equity Share Application A/c -- 90,000
Credit: Equity Share Allotment A/c -- 30,000
Credit: Share Capital A/c -- 1,50,000
Credit: Share Premium A/c -- 60,000
2. On the first call:
Journal Entry:
Equity Share First Call A/c Dr. -- 6,000
(Being the first call made on 2,000 shares of Rs.3 per share)
Cash Book Entry:
Debit: Equity Share First Call A/c -- 6,000
3. On the allotment:
Journal Entry:
Bank A/c Dr. -- 30,000
Equity Share Allotment A/c Dr. -- 2,000
Share Capital A/c 30,000
To Equity Share Allotment A/c 32,000
(Being the allotment of 15,000 shares at Rs.2 per share)
Cash Book Entry:
Debit: Bank A/c -- 30,000
Debit: Equity Share Allotment A/c -- 2,000
Credit: Share Capital A/c -- 30,000
Credit: Equity Share Allotment A/c -- 32,000
4. On the final call:
Journal Entry:
Equity Share Final Call A/c Dr. -- 10,000
(Being the final call made on 2,500 shares of Rs.4 per share)
Cash Book Entry:
Debit: Equity Share Final Call A/c -- 10,000
5. On the receipt of final call money:
Journal Entry:
Bank A/c Dr. -- 1,00,000
Equity Share Final Call A/c Dr. -- 10,000
To Equity Share Capital A/c 1,10,000
(Being the final call money received on 2,500 shares)
Cash Book Entry:
Debit: Bank A/c -- 1,00,000
Debit: Equity Share Final Call A/c -- 10,000
Credit: Equity Share Capital A/c -- 1,10,000
Overall, the journal and cash book entries help the company keep track of their financial transactions and ensure that they are properly recorded in their accounting records.
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Agfa Co. Ltd. issued 15,000 shares of xx 10 each at a premium of 2 per...
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Agfa Co. Ltd. issued 15,000 shares of xx 10 each at a premium of 2 per share, payable 3.(including premium) per share on application, 2 per share on allotment, 3 on first calland 4 on final call. The shares were all subscribed and money was duly received exceptthe first call money on 2,000 shares and the final call money on 2,500 shares. Give theJournal and Cash Book entries to record the above transactions.[Ans. Cash Book Balance 1,64,000]?
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Agfa Co. Ltd. issued 15,000 shares of xx 10 each at a premium of 2 per share, payable 3.(including premium) per share on application, 2 per share on allotment, 3 on first calland 4 on final call. The shares were all subscribed and money was duly received exceptthe first call money on 2,000 shares and the final call money on 2,500 shares. Give theJournal and Cash Book entries to record the above transactions.[Ans. Cash Book Balance 1,64,000]? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Agfa Co. Ltd. issued 15,000 shares of xx 10 each at a premium of 2 per share, payable 3.(including premium) per share on application, 2 per share on allotment, 3 on first calland 4 on final call. The shares were all subscribed and money was duly received exceptthe first call money on 2,000 shares and the final call money on 2,500 shares. Give theJournal and Cash Book entries to record the above transactions.[Ans. Cash Book Balance 1,64,000]? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Agfa Co. Ltd. issued 15,000 shares of xx 10 each at a premium of 2 per share, payable 3.(including premium) per share on application, 2 per share on allotment, 3 on first calland 4 on final call. The shares were all subscribed and money was duly received exceptthe first call money on 2,000 shares and the final call money on 2,500 shares. Give theJournal and Cash Book entries to record the above transactions.[Ans. Cash Book Balance 1,64,000]?.
Agfa Co. Ltd. issued 15,000 shares of xx 10 each at a premium of 2 per share, payable 3.(including premium) per share on application, 2 per share on allotment, 3 on first calland 4 on final call. The shares were all subscribed and money was duly received exceptthe first call money on 2,000 shares and the final call money on 2,500 shares. Give theJournal and Cash Book entries to record the above transactions.[Ans. Cash Book Balance 1,64,000]? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Agfa Co. Ltd. issued 15,000 shares of xx 10 each at a premium of 2 per share, payable 3.(including premium) per share on application, 2 per share on allotment, 3 on first calland 4 on final call. The shares were all subscribed and money was duly received exceptthe first call money on 2,000 shares and the final call money on 2,500 shares. Give theJournal and Cash Book entries to record the above transactions.[Ans. Cash Book Balance 1,64,000]? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Agfa Co. Ltd. issued 15,000 shares of xx 10 each at a premium of 2 per share, payable 3.(including premium) per share on application, 2 per share on allotment, 3 on first calland 4 on final call. The shares were all subscribed and money was duly received exceptthe first call money on 2,000 shares and the final call money on 2,500 shares. Give theJournal and Cash Book entries to record the above transactions.[Ans. Cash Book Balance 1,64,000]?.
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