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Question no 11 Chapter 1 – Class 12 Part 2 Unimax
Bharat Limited purchases certain patents from Sharp and short under an agreement dated the June 30, 2022 at a cost of ₹ 40,000 which was paid ₹ 1,000 in cash to the vendors and the balance in fully paid equity shares of ₹ 10 each.
Including the shares allotted as fully paid to the vendors, the company issued capital to the extent of ₹ 75,000 consisting of ₹ 50,000 in equity shares of ₹ 10 each ( ₹ 3 on application, ₹ 3 on allotment and ₹ 4 at the end end of three months) and ₹ 25,000 in 10% preference shares of ₹ 10 each ( ₹ 4 on application, ₹ 3 on allotment and ₹ 3 at the end of three months).
Under the agreement with sharp and short, the patents passed to the company on July 9, 2022 on which all the shares were allotted to the public also. All the shares issued to the public were fully subscribed and all the money called duly received.
All cash paid direct to company’s bankers.
Record journal entries.
The solution of Question 11 Chapter 1 of +2 Part-2: –
Journal
Books of M/S Bharti Ltd.
| Date | Particulars | L.F. | Debit | Credit | |
| July 9 | Patents A/c | Dr. | 40,000 | ||
| To M/s sharp and Short A/c | 40,000 | ||||
| (Being Patents purchased) | |||||
| July 9 | M/s sharp and Short A/c | Dr. | 40,000 | ||
| To Equity share capital A/c | 39,000 | ||||
| To Cash A/c | 1,000 | ||||
| (Being 3900 equity shares of ₹ 10 each issued to Vendor) | |||||
| July 9 | Equity share Application A/c | Dr. | 3,300 | ||
| To Equity share capital A/c | 3,300 | ||||
| (Being application money due on 1100 equity shares @ ₹ 3 and balance transfer to share capital A/c) | |||||
| July 9 | Preference share application A/c | Dr. | 10,000 | ||
| To 10% Preference share capital A/c | 10,000 | ||||
| (Being preference share application A/c transferred to 10% preference share capital A/c) | |||||
| July 9 | Equity share Allotment A/c | Dr. | 3,300 | ||
| To Equity Share capital A/c | 3,300 | ||||
| (Being allotment money due on 11000 equity shares @ ₹ 3 per share) | |||||
| July 9 | Preference shares allotment A/c | Dr. | 7,500 | ||
| To 10% Preference share capital A/c | 7,500 | ||||
| (Being allotment money due on 2500 preference shares @ ₹ 3 each) | |||||
| Oct.9 | Equity share first and final A/c | Dr. | 4,400 | ||
| To Equity share capital A/c | 4,400 | ||||
| (Being first call money due on 1100 equity shares @ ₹ 4 each) | |||||
| Oct.9 | Preference share 1st and final call A/c | Dr. | 7,500 | ||
| To Equity shares capital A/c | 7,500 | ||||
| (Being 1st and Final call money due on 2500preference shares @ ₹ 3 pre share) | |||||
End of Solution
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Check out all books for PSEB
1. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 1 Class 12 by Unimax
UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy Part 1 in Class 12. With their meticulously curated study material, students can access comprehensive solutions to all the questions in each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 12 examinations.
- Chapter No. 1 – Accounts of Non-Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
2. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 2 Class 12 by Unimax
UnimaxSolutions.in presents an exceptional resource for students studying Advanced Accountancy Part 2 in Class 12. With their comprehensive study material, students can conveniently access extensive solutions to all the questions in each chapter. By simply selecting the desired chapter from the study material, students can effortlessly navigate through the topics and gain access to detailed explanations and step-by-step solutions to every problem presented in that particular section. Whether it involves understanding intricate accounting principles, honing calculation techniques, or analyzing complex financial statements, Unimax provides a valuable tool to support students in their learning journey. Equipped with these comprehensive solutions, students can enhance their comprehension, resolve any uncertainties, and strengthen their problem-solving abilities in Advanced Accountancy, empowering them to excel in their Class 12 examinations with confidence.
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
Punjab School Education Board (PSEB) Solutions of Usha Publication.
If you’re a student enrolled in the Punjab School Education Board Class 12, exploring a wide range of books to cover the syllabus thoroughly is essential. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to various writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.
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