EF ltd. invited application For issuing 80000 equity shares of ₹50 each including premium 20%. These amount are payable as follows: pass journal entry.
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2
Answer:
Bank A/c Dr. 40,00,000
(80000×50)To Share Application A/c 40,00,000
Share Application A/c Dr. 40,00,000
(10×80000)To Security Premium Reserve A/c 800000
(40×80000)To Share Application A/c 320000
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Bank Account Debit 48,00,000
Share application and allotement account credit 40,00,000
Security premium reserve account credit 8,00,000
Explanation:
EF ltd Received all the payment on application so it will received so bank will be debited 48,00,000
Share application mony will be credited with Rs 40,00,000
Security premium is gain for the company so it will be credited Rs 8,00,000
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