Y Ltd. Issued 10000 equity share of Rs. 100 each. Payable as Rs. 25 on application, Rs. 40 on allotment, Rs. 15 on first call and Rs. 20 on final call Applications were received for 11000 shares. Excess applications were rejected. All money duly received except from Mr. Mishra holding 100 shares paid both calls money along with allotment. Prepare journal to record above transactions in the books of Y Ltd.

Y Ltd. Issued 10000 equity share of Rs. 100 each. Payable as Rs. 25 on application, Rs. 40 on allotment, Rs. 15 on first call and Rs. 20 on final call Applications were received for 11000 shares. Excess applications were rejected. All money duly received except from Mr. Mishra holding 100 shares paid both calls money along with allotment. Prepare journal to record above transactions in the books of Y Ltd.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On December 1, DOS Corporation issued 1,000 shares of its ₱10 par ordinary share capital and 2,000 shares of its P10 par preference share capital for a lump sum of ₱ 40,000. At this date, ordinary share is selling for ₱18 per share and the preference share for ₱13.50 per share. How much should the “Ordinary Share Capital” account be credited? (The entry to record the issuance of the shares serves as the solution for this problem) *
Kk.348. Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 par value. During its first year, the following selected transactions were completed: Issued 5,300 shares of common stock for cash at $23 per share. Issued 1,300 shares of common stock for cash at $26 per share. Required: Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a
1. Journal entries for each of the transaction
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