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Bittu Publication House Limited, Katihar issued 15,000 preference shares of 100 each, payable as follows: 30₹ (on application) 25₹ (on allotment) 20₹ (on first call) 25₹ (on final call) The applications were received for 10,000 preference shares and these were allotted. All money due were received Journalise these transactions in the books of Bittu Publication House Limited.?
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Bittu Publication House Limited, Katihar issued 15,000 preference shar...
Journal Entries for Issuing Preference Shares
The issuance of preference shares involves several steps, and each step requires a journal entry to be made. The following are the journal entries for the issuance of preference shares by Bittu Publication House Limited:
1. Journal Entry for Receiving Applications
When Bittu Publication House Limited receives applications for the preference shares, it needs to record the following journal entry:
Bank Account Dr. 3,00,000
To Preference Share Application Account 3,00,000
2. Journal Entry for Allotment of Shares
Once the company decides to allot the shares, it needs to record the following journal entry:
Preference Share Application Account Dr. 2,50,000
To Preference Share Allotment Account 2,50,000
3. Journal Entry for Receiving Allotment Money
When the company receives the allotment money, it needs to record the following journal entry:
Bank Account Dr. 2,50,000
To Preference Share Allotment Account 2,50,000
4. Journal Entry for First Call
When the company issues the first call for the preference shares, it needs to record the following journal entry:
Preference Share Allotment Account Dr. 2,00,000
To Preference Share First Call Account 2,00,000
5. Journal Entry for Receiving First Call Money
When the company receives the first call money, it needs to record the following journal entry:
Bank Account Dr. 2,00,000
To Preference Share First Call Account 2,00,000
6. Journal Entry for Final Call
When the company issues the final call for the preference shares, it needs to record the following journal entry:
Preference Share First Call Account Dr. 2,50,000
To Preference Share Final Call Account 2,50,000
7. Journal Entry for Receiving Final Call Money
When the company receives the final call money, it needs to record the following journal entry:
Bank Account Dr. 2,50,000
To Preference Share Final Call Account 2,50,000
Conclusion
The above journal entries are necessary to record the issuance of preference shares by Bittu Publication House Limited. These entries help the company keep track of its financial transactions and ensure that all money due is received.
The issuance of preference shares involves several steps, and each step requires a journal entry to be made. The following are the journal entries for the issuance of preference shares by Bittu Publication House Limited:
1. Journal Entry for Receiving Applications
When Bittu Publication House Limited receives applications for the preference shares, it needs to record the following journal entry:
Bank Account Dr. 3,00,000
To Preference Share Application Account 3,00,000
2. Journal Entry for Allotment of Shares
Once the company decides to allot the shares, it needs to record the following journal entry:
Preference Share Application Account Dr. 2,50,000
To Preference Share Allotment Account 2,50,000
3. Journal Entry for Receiving Allotment Money
When the company receives the allotment money, it needs to record the following journal entry:
Bank Account Dr. 2,50,000
To Preference Share Allotment Account 2,50,000
4. Journal Entry for First Call
When the company issues the first call for the preference shares, it needs to record the following journal entry:
Preference Share Allotment Account Dr. 2,00,000
To Preference Share First Call Account 2,00,000
5. Journal Entry for Receiving First Call Money
When the company receives the first call money, it needs to record the following journal entry:
Bank Account Dr. 2,00,000
To Preference Share First Call Account 2,00,000
6. Journal Entry for Final Call
When the company issues the final call for the preference shares, it needs to record the following journal entry:
Preference Share First Call Account Dr. 2,50,000
To Preference Share Final Call Account 2,50,000
7. Journal Entry for Receiving Final Call Money
When the company receives the final call money, it needs to record the following journal entry:
Bank Account Dr. 2,50,000
To Preference Share Final Call Account 2,50,000
Conclusion
The above journal entries are necessary to record the issuance of preference shares by Bittu Publication House Limited. These entries help the company keep track of its financial transactions and ensure that all money due is received.
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Bittu Publication House Limited, Katihar issued 15,000 preference shares of 100 each, payable as follows: 30₹ (on application) 25₹ (on allotment) 20₹ (on first call) 25₹ (on final call) The applications were received for 10,000 preference shares and these were allotted. All money due were received Journalise these transactions in the books of Bittu Publication House Limited.?
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Bittu Publication House Limited, Katihar issued 15,000 preference shares of 100 each, payable as follows: 30₹ (on application) 25₹ (on allotment) 20₹ (on first call) 25₹ (on final call) The applications were received for 10,000 preference shares and these were allotted. All money due were received Journalise these transactions in the books of Bittu Publication House Limited.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Bittu Publication House Limited, Katihar issued 15,000 preference shares of 100 each, payable as follows: 30₹ (on application) 25₹ (on allotment) 20₹ (on first call) 25₹ (on final call) The applications were received for 10,000 preference shares and these were allotted. All money due were received Journalise these transactions in the books of Bittu Publication House Limited.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Bittu Publication House Limited, Katihar issued 15,000 preference shares of 100 each, payable as follows: 30₹ (on application) 25₹ (on allotment) 20₹ (on first call) 25₹ (on final call) The applications were received for 10,000 preference shares and these were allotted. All money due were received Journalise these transactions in the books of Bittu Publication House Limited.?.
Bittu Publication House Limited, Katihar issued 15,000 preference shares of 100 each, payable as follows: 30₹ (on application) 25₹ (on allotment) 20₹ (on first call) 25₹ (on final call) The applications were received for 10,000 preference shares and these were allotted. All money due were received Journalise these transactions in the books of Bittu Publication House Limited.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Bittu Publication House Limited, Katihar issued 15,000 preference shares of 100 each, payable as follows: 30₹ (on application) 25₹ (on allotment) 20₹ (on first call) 25₹ (on final call) The applications were received for 10,000 preference shares and these were allotted. All money due were received Journalise these transactions in the books of Bittu Publication House Limited.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Bittu Publication House Limited, Katihar issued 15,000 preference shares of 100 each, payable as follows: 30₹ (on application) 25₹ (on allotment) 20₹ (on first call) 25₹ (on final call) The applications were received for 10,000 preference shares and these were allotted. All money due were received Journalise these transactions in the books of Bittu Publication House Limited.?.
Solutions for Bittu Publication House Limited, Katihar issued 15,000 preference shares of 100 each, payable as follows: 30₹ (on application) 25₹ (on allotment) 20₹ (on first call) 25₹ (on final call) The applications were received for 10,000 preference shares and these were allotted. All money due were received Journalise these transactions in the books of Bittu Publication House Limited.? in English & in Hindi are available as part of our courses for B Com.
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