Class 12 Exam > Class 12 Questions > 1. X Ltd. issued 40,000, 9% Preference shares...
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1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.?
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1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium...
Journal Entries and Cash Book of X Ltd.
Journal Entries:
1. For receipt of application money:
Bank A/c Dr. 9,50,000
To Share Application A/c 9,50,000
2. For allotment of shares:
Share Application A/c Dr. 9,50,000
Share Capital A/c Dr. 4,00,000
Security Premium A/c Dr. 1,00,000
To 9% Preference Share Allotment A/c 14,50,000
3. For receipt of allotment money:
9% Preference Share Allotment A/c Dr. 14,50,000
To Bank A/c 14,50,000
4. For the first call:
9% Preference Share First Call A/c Dr. 80,000
To 9% Preference Share Capital A/c 80,000
5. For receipt of first call money:
Bank A/c Dr. 7,80,000
To 9% Preference Share First Call A/c 7,80,000
6. For the final call:
9% Preference Share Final Call A/c Dr. 80,000
To 9% Preference Share Capital A/c 80,000
7. For unpaid final call:
9% Preference Share Final Call A/c Dr. 20,000
To 9% Preference Share Capital A/c 20,000
8. For forfeiture of shares:
9% Preference Share Final Call A/c Dr. 20,000
To 9% Preference Share Forfeited A/c 20,000
9. For re-issue of forfeited shares:
9% Preference Share Forfeited A/c Dr. 20,000
Security Premium A/c Dr. 2,000
To Bank A/c 22,000
Cash Book:
| Date | Particulars | LF | Bank | Discount | 9% Pref. Share | 9% Pref. Share Allotment | 9% Pref. Share First Call | 9% Pref. Share Final Call | 9% Pref. Share Forfeited | Security Premium |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. |
| | Balance b/d | | | | | | | | | |
| Jan 1 | To Balance b/d | | 2,50,000 | | | | | | | |
| Jan 2 | By Share Application A/c | | 9,50,000 | | | | | | | |
| Jan 6 | To 9% Pref. Share Allotment A/c | | | | 14,50,000 | | | | | 1,00,000 |
| Jan 8 | By Bank A/c | | 14,50,000 | | | | | | | |
| Jan 15 | To 9% Pref. Share First Call A/c | | | | 80,000 | | 80,000 | | | |
| Jan 18 | By Bank A/c | | 7,80,000 | | | | | | | |
| Feb 1 | To 9
Journal Entries:
1. For receipt of application money:
Bank A/c Dr. 9,50,000
To Share Application A/c 9,50,000
2. For allotment of shares:
Share Application A/c Dr. 9,50,000
Share Capital A/c Dr. 4,00,000
Security Premium A/c Dr. 1,00,000
To 9% Preference Share Allotment A/c 14,50,000
3. For receipt of allotment money:
9% Preference Share Allotment A/c Dr. 14,50,000
To Bank A/c 14,50,000
4. For the first call:
9% Preference Share First Call A/c Dr. 80,000
To 9% Preference Share Capital A/c 80,000
5. For receipt of first call money:
Bank A/c Dr. 7,80,000
To 9% Preference Share First Call A/c 7,80,000
6. For the final call:
9% Preference Share Final Call A/c Dr. 80,000
To 9% Preference Share Capital A/c 80,000
7. For unpaid final call:
9% Preference Share Final Call A/c Dr. 20,000
To 9% Preference Share Capital A/c 20,000
8. For forfeiture of shares:
9% Preference Share Final Call A/c Dr. 20,000
To 9% Preference Share Forfeited A/c 20,000
9. For re-issue of forfeited shares:
9% Preference Share Forfeited A/c Dr. 20,000
Security Premium A/c Dr. 2,000
To Bank A/c 22,000
Cash Book:
| Date | Particulars | LF | Bank | Discount | 9% Pref. Share | 9% Pref. Share Allotment | 9% Pref. Share First Call | 9% Pref. Share Final Call | 9% Pref. Share Forfeited | Security Premium |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. |
| | Balance b/d | | | | | | | | | |
| Jan 1 | To Balance b/d | | 2,50,000 | | | | | | | |
| Jan 2 | By Share Application A/c | | 9,50,000 | | | | | | | |
| Jan 6 | To 9% Pref. Share Allotment A/c | | | | 14,50,000 | | | | | 1,00,000 |
| Jan 8 | By Bank A/c | | 14,50,000 | | | | | | | |
| Jan 15 | To 9% Pref. Share First Call A/c | | | | 80,000 | | 80,000 | | | |
| Jan 18 | By Bank A/c | | 7,80,000 | | | | | | | |
| Feb 1 | To 9
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1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.?
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1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about 1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.?.
1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about 1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.?.
Solutions for 1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.? in English & in Hindi are available as part of our courses for Class 12.
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Here you can find the meaning of 1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.? defined & explained in the simplest way possible. Besides giving the explanation of
1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.?, a detailed solution for 1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.? has been provided alongside types of 1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.? theory, EduRev gives you an
ample number of questions to practice 1. X Ltd. issued 40,000, 9% Preference shares of 100 each at a premium of 10%. Payments were to be made as - Rs. 25 on Application; Rs. 45 on Allotment (including premium), Rs. 10 on First call and balance on Final Call. The applications for 38,000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares. Give the necessary Journal Entries and prepare Cash Book of the Company.? tests, examples and also practice Class 12 tests.
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