Question 7: Chapter 10 - Company Accounts Part I (Accounting For Shares) Book Keeping Accountancy Solutions for Class 12 Commerce Accountancy

Question 7: Chapter 10 - Company Accounts Part I (Accounting For Shares)

Book Keeping Accountancy Solutions for Class 12 Commerce Accountancy


PRACTICAL PROBLEMS

(Issue at discount and Pro-rate allotment)
Global IT Ltd. issued 1,00,000 shares of 10 each at a discount of 10% payable as follows-

On Application Rs. 3
On Allotment Rs. 3
On First Call Rs. 2
On Second Call Rs. 1

Public applied for 1,20,000 shares and the directors made pro-rata allotment to the applicants.
Show the journal of the company assuming that all money received on allotment and calls.