ASSIGNMENT ON ISSUE OF SHARES

 

THE SIDDIQUI ACADEMY: ASSIGNMENT ON ISSUE OF SHARES

DATED : 13-10-2024


Shares issued at premium

ASSIGNMENT QUESTION 1:

X Ltd. was registered with a capital of 23,00,000 in shares of Rs. 10 each. It issued a prospectus inviting applications for 23,000 shares at 40% premium payable as follows:-

 On application Rs. 5 (including Rs. 1 premium)
 On allotment Rs. 4 (including Rs. 1 premium)
 On first call Rs. 3 (including Rs. 1 premium)
 On second call Rs. 2 (including Rs. 1 premium)

Applications were received for 23,000 shares, all money was duly received. Pass the necessary journal entries.


ASSIGNMENT QUESTION 2:

A Ltd. issued to the public for subscription of 1000 shares of Rs. 10 each at a discount of 10% payable Rs. 4 on application Rs. 3 on allotment and Rs. 2 on first and final call. The issue was fully subscribed and all the money was duly received.

Pass the journal entries for the following

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