Question

premio Limited issued 50000 equity shares of rupees hundred each at a premium of rupees 50 Persia payable as follows rupees hundred percent on application and balance on allotment the issue was subscribe and shares issued the applicant's pass the necessary journal entries class 12 accountancy company account​

Answer 1

Answer:

bank a/c...Dr. 50,00,000

to equity shares application a/c.....50,00,000

equity shares application a/c ......Dr..50,00,000

to equity shares capital a/c......50,00,000

equity shares allotment a/c..Dr...25,00,000

to security premium reserves a/c...25,00,000

bank a/c..Dr....25,00,000

to equity shares allotment a/c.....25,00,00/

Explanation:

50,000×100=50,00,000

50,000×50=25,00,000

Answer 2

            Issue of shares for cash at a  premium

            Journal Entries in the books of Premio Limited

Bank A/C DR  50,00,000

             To Share Application A/C 50,00,000

( Being application  money received )

Share Application A/C DR 50,00,000

              To Share Capital A/C 50,00,000

( Being money to share capital )

Share Allotment A/C DR  2,50,000

             To Security Premium Reserve A/C  2,50,000

( Being allotment called )

Bank A/C DR 2,50,000

             To Share Allotment A/C 2,50,000

( Being money received)