Question

A limited company offered for subscription of 1,00,000 equity shares of Rs.10
each at a premium of Rs.2 per share, 2,00,000 10% Preference shares of Rs.10
each at par.
The amount on share was payable as under:
Equity Shares
Preference Shares
On Application Rs.3 per share
Rs.3 per share
On Allotment
Rs.5 per share
Rs.4 per share
(including premium)
On First Call
Rs.4 per share
Rs.3 per share
All the shares were fully subscribed, called-up and paid.
Record these transactions in the journal and cash book of the company:​

Answer 1

Answer:

Under sec 80 o the companies Act the word "proceeds" does not include the amount of the premium if the shares are issued at a premium but stands for the actual amount received if shares are issued at a discount or at par.

So, the amount of fresh proceeds = 1,00,000*10 = 10,00,000

1,00,000/10 = 10,000 = 10,000 *9 = 90,000

Total = 10,90,000.

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