Pakistan Motors was formed with an authorized capital of Rs. 10,00,000 divided into 1,00,000 shares of Rs. 10 each. Company offered 50,000 shares at par value to the general public for subscription. Applications for 50,000 shares were received. Company allotted shares to all the applicants.

Required : Pass the Journal entries and prepare Balance Sheet

X & Co. was formed with an authorized capital of Rs. 15,00,000 divided into 150,000 shares of Rs. 10 each. Company offered all shares at face value to the general public for subscription. Applications for 100,000 shares were received. Company allotted shares to all the applicants.

Required : Pass the Journal entries and prepare Balance Sheet

Answer rating: 100% (QA)

Journal entries Date Particulars LF Debit Credit 2018 Sep 1 Share Capital AC Dr 1000000 To Cash AC 1... View the full answer