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A company was registered with an authorised capital of ₹10,00,000 divided into 7,500 Equity Shares of ₹ 100 each and, 2,500 Preference Shares of ₹100 each. 1,000 Equity and 500; 9% Preference Shares were offered to public on the following terms —Equity Shares payable ₹10 on application, ₹40 on allotment and the balance in two calls of ₹ 25 each. Preference Shares are payable ₹ 25 on application , ₹ 25 on allotment and ₹50 on first and final call. All the shares were applied for and allotted . Amount due was duly received . Prepare Cash Book and pass necessary journal entries to record the above issue of shares and show how the Share Capital will appear in the Balance Sheet. |
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Answer» A company was registered with an authorised capital of ₹10,00,000 divided into 7,500 Equity Shares of ₹ 100 each and, 2,500 Preference Shares of ₹100 each. 1,000 Equity and 500; 9% Preference Shares were offered to public on the following terms Equity Shares payable ₹10 on application, ₹40 on allotment and the balance in two calls of ₹ 25 each. Preference Shares are payable ₹ 25 on application , ₹ 25 on allotment and ₹50 on first and final call. All the shares were applied for and allotted . Amount due was duly received . Prepare Cash Book and pass necessary journal entries to record the above issue of shares and show how the Share Capital will appear in the Balance Sheet. |
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