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XYZ Ltd. issued Rs.500000 worth equity shares of the value of Rs.100 per share at a premium of Rs.30 per share, payable as under:
On Application Rs.20 per share,
On Allotment Rs. 40 per share and Rs. 20 premium ,
On Final call Rs. 40 per share and Rs. 10 premium.
All the shares were duly subscribed for,called up and paid up. Pass necessary journal entries.?
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XYZ Ltd. issued Rs.500000 worth equity shares of the value of Rs.100 p...
Journal Entries for Issuance of Equity Shares:

1. For Application Money Received:
- Bank A/c Dr. 500000
To Share Application A/c 500000

2. For Allotment Money Received:
- Share Allotment A/c Dr. 300000
Share Premium A/c Dr. 150000
To Share Capital A/c 450000

3. For Final Call Money Received:
- Share Final Call A/c Dr. 300000
Share Premium A/c Dr. 75000
To Share Capital A/c 375000

Explanation:
- The company issued equity shares worth Rs.500000 at a premium of Rs.30 per share.
- The total value of each share is Rs.100 (Rs.70 face value + Rs.30 premium).
- On application, Rs.20 per share was collected, amounting to Rs.500000.
- On allotment, Rs.40 per share along with Rs.20 premium was collected, totaling Rs.300000.
- On final call, Rs.40 per share along with Rs.10 premium was collected, totaling Rs.300000.
- The journal entries have been made to reflect the receipt of application money, allotment money, and final call money, along with the share capital and premium accounts.
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XYZ Ltd. issued Rs.500000 worth equity shares of the value of Rs.100 per share at a premium of Rs.30 per share, payable as under:On Application Rs.20 per share,On Allotment Rs. 40 per share and Rs. 20 premium ,On Final call Rs. 40 per share and Rs. 10 premium.All the shares were duly subscribed for,called up and paid up. Pass necessary journal entries.?
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XYZ Ltd. issued Rs.500000 worth equity shares of the value of Rs.100 per share at a premium of Rs.30 per share, payable as under:On Application Rs.20 per share,On Allotment Rs. 40 per share and Rs. 20 premium ,On Final call Rs. 40 per share and Rs. 10 premium.All the shares were duly subscribed for,called up and paid up. Pass necessary journal entries.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about XYZ Ltd. issued Rs.500000 worth equity shares of the value of Rs.100 per share at a premium of Rs.30 per share, payable as under:On Application Rs.20 per share,On Allotment Rs. 40 per share and Rs. 20 premium ,On Final call Rs. 40 per share and Rs. 10 premium.All the shares were duly subscribed for,called up and paid up. Pass necessary journal entries.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for XYZ Ltd. issued Rs.500000 worth equity shares of the value of Rs.100 per share at a premium of Rs.30 per share, payable as under:On Application Rs.20 per share,On Allotment Rs. 40 per share and Rs. 20 premium ,On Final call Rs. 40 per share and Rs. 10 premium.All the shares were duly subscribed for,called up and paid up. Pass necessary journal entries.?.
Solutions for XYZ Ltd. issued Rs.500000 worth equity shares of the value of Rs.100 per share at a premium of Rs.30 per share, payable as under:On Application Rs.20 per share,On Allotment Rs. 40 per share and Rs. 20 premium ,On Final call Rs. 40 per share and Rs. 10 premium.All the shares were duly subscribed for,called up and paid up. Pass necessary journal entries.? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
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