Homework Answers
Journal Entries
| Sr.No. | Date | Accounts and Explanation | Debit
|
Credit
|
||
| 1. | 28Th Feb, 20XX. |
Bank Account Dr. To Share Capital Account. To Share Premium Account. [Being the issuance of 3,00,000 shares at a premium of $3 per share] [3,00,000 shares X $5 = $15,00,000] [3,00,000 shares X $2 = $6,00,000] [3,00,000 shares X $3 = $9,00,000] |
15,00,000/- - - |
- 6,00,000/- 9,00,000/- |
||
| 2. | 07Th Jun, 20XX. |
Equipment Account Dr. To Share Capital Account. To Share Premium Account. [Being the issuance of 90,000 shares in exchange of the equipment at a fixed value of $2,00,000/-] [Therefore, share capital amount = 90,000 shares X $2 = $1,80,000] [And the share premium amount = $2,00,000 - $1,80,000 = $20,000] |
2,00,000/- - - |
- 1,80,000/- 20,000/- |
||
| 3. | 19Th Sept, 20XX. |
Treasury Stock Account Dr. To Bank Account. [Being purchase of 3,000 shares of treasury stock at $7 per share] [3,000 shares X $7 = $21,000] |
21,000/- - |
- 21,000/- |
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