Home
Class 12
ACCOUNTS
What journal entry shall you pass when s...

What journal entry shall you pass when shares are issued by a Public Limited Co. on premium ?

Promotional Banner

Topper's Solved these Questions

  • COMPANY ACCOUNTS - ISSUE OF SHARES

    DK GOEL|Exercise SHORT ANSWER QUESTIONS (Understanding)|1 Videos

  • COMPANY ACCOUNTS - ISSUE OF SHARES

    DK GOEL|Exercise SHORT ANSWER QUESTIONS (Application based)|4 Videos

  • COMPANY ACCOUNTS - ISSUE OF SHARES

    DK GOEL|Exercise VERY SHORT ANSWER QUESTIONS (Application based)|6 Videos

  • COMMON SIZE STATEMENTS

    DK GOEL|Exercise Multiple Choice Questions|14 Videos

  • COMPANY ACCOUNTS - REDEMPTION OF DEBENTURES

    DK GOEL|Exercise Problem Solution|3 Videos

Similar Questions

Explore conceptually related problems

Vimal Ltd. purchased machinery of Rs. 9,90,000 from Kamal Ltd. The payment to Kamal Ltd. was made by issuing equity shares of Rs. 100 each. Pass the necessary Journal entries in the books of Vimal Ltd. for purchase of machinery and the issue of shares when (i) Shares were issued at par. (ii) Shares were issued at 25% premium.

Sukanya Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 10 each. The shares were issued at a premium of Rs. 20 per share. The amount was payable as follows: {:("On Application and Allotment",-,"Rs. 14 per share (including premium of Rs. 10),"),("On First Call",-,"Rs. 8 per share (including premium of Rs. 5),"),("On Final Call",-,"Rs. 8 per share (including premium of Rs. 5)."):} Application for 96,000 shares were received. Rohit, a shareholder holding 7,000 shares, failed to pay both the calls and Namit, a holder of 5,000 shares, did not pay the final call. Shares of Rohit and Namit were forfeited . Of the forfeited shares, 8,000 shares including all the shares of Rohit were reissued to Reena at Rs. 8 per share fully paid-up. Pass necessary Journal entries fot the above transactions in the books of Sukanya Ltd.

The authorised capital of Rs. 16,00,000 of Bharat Ltd. Is divided into 1,60,000 Equity Shares of Rs. 10 each . Out of these shares, 80,000 Equity Shares were issued at par to public for subscription. The full nominal value is payable on application. All the shares were subscribed by the public and total amount was paid for. pass necessary Journal entries in the books of the company.

Pass necessary Journal entries in the books of the company for the following transactions: Vishesh Ltd. Forfeited 1,000 Equity Shares of Rs. 10 each issued at a premium of Rs. 2 per share for non-payment of allotment money of Rs. 5 per share including premium. The final call of Rs. 2 per share was not yet called on these shares. Of the forfeited shares 800 shares were reissued at Rs. 12 per share as fully paid-up. The remaining shares were reissued at Rs. 11 per share fully paid-up.