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Accountancy · 2026 · 6 marks
CBSE 2026 · Region 4 · Set 1 · Q25
Astha Ltd. invited applications for issuing 1,00,000 equity shares of 10 each. The amount per share was payable as follows: T 2 on application; 3 on…
Astha Ltd. invited applications for issuing $\displaystyle 1,00,000$ equity shares of $\displaystyle 10$ each. The amount per share was payable as follows : T $\displaystyle 2$ on application; $\displaystyle 3$ on allotment; $\displaystyle 3$ on first call and $\displaystyle 2$ on s second and final call. Applications were received for $\displaystyle 1,50,000$ shares. Applications for $\displaystyle 30,000$ shares were rejected and application money refunded. The shares were allotted on pro-rata basis to the applicants of $\displaystyle 1,20,000$ shares. Excess money received with applications was adjusted towards sums due on allotment. All shareholders paid the allotment money except Sarthak, who was allotted $\displaystyle 2,000$ shares. These shares were forfeited. The first call was made thereafter and duly received. The second and final call was not yet made. Pass necessary journal entries for the above transactions in the books of Astha Ltd. Open Calls-in-Arrears Account, wherever required.
Orion Enterprises Ltd. invited applications for issue of $\displaystyle 70,000$ equity shares of $\displaystyle 10$ each at a premium of $\displaystyle 1$ per share. The T t amount was payable as follows : On Application $\displaystyle 4$ per share (including premium $\displaystyle 1$ per share) On Allotment $\displaystyle 6$ per share On First and final call Balance Applications were received for $\displaystyle 2,00,000$ shares. Allotment was made as under : Category A : Applicants for $\displaystyle 1,20,000$ shares were allotted $\displaystyle 60,000$ shares. Category B : Applicants for $\displaystyle 80,000$ shares were allotted $\displaystyle 10,000$ shares. Excess money received with applications was adjusted towards sums due on allotment only. Meeta, from category A, who was allotted $\displaystyle 500$ shares, failed to pay allotment money and first and final call and Japna, from category B, who had applied for $\displaystyle 1,600$ shares, failed to pay the first and final call money. Pass necessary journal entries in the books of Orion Enterprises Ltd. for the above transactions.
Marking-scheme solution
Books of Astha Ltd.
Journal
Date Particulars L. Dr. Cr.
F. Amount Amount
(₹) (₹)
Bank A/c Dr. $\displaystyle 3,00,000$
To Equity Share Application A/c $\displaystyle 3,00,000$
(Application money received on $\displaystyle 1,50,000$ shares @
₹ $\displaystyle 2$ per share)
Equity Share Application A/c Dr. $\displaystyle 3,00,000$
To Equity Share Capital A/c $\displaystyle 2,00,000$
To Equity Share allotment A/c $\displaystyle 40,000$
To Bank A/c $\displaystyle 60,000$
(Share application money transferred to share capital
a/c, share allotment a/c and balance refunded)
Equity Share allotment A/c Dr. $\displaystyle 3,00,000$
To Equity Share Capital A/c $\displaystyle 3,00,000$
(Share allotment due on $\displaystyle 1,00,000$ shares @ ₹ $\displaystyle 3$ per
share)
Bank A/c Dr. $\displaystyle 2,54,800$
Call in arrears A/c Dr. $\displaystyle 5,200$
To Equity Share allotment A/c $\displaystyle 2,60,000$
(Amount received on share allotment except on $\displaystyle 2000$
shares)
Equity Share Capital A/c Dr. $\displaystyle 10,000$
To Share Forfeiture A/c $\displaystyle 4,800$
To Calls in Arrears A/c $\displaystyle 5,200$
($\displaystyle 2000$ shares forfeited for non-payment of allotment
money)
Equity Share First call A/c Dr. $\displaystyle 2,94,000$
To Equity Share capital A/c $\displaystyle 2,94,000$
(Share first call due on $\displaystyle 98,000$ shares @ ₹ $\displaystyle 3$ per
share)
Bank A/c Dr $\displaystyle 2,94,000$
To Equity Share First call A/c $\displaystyle 2,94,000$
(Share first call money received on $\displaystyle 98000$ shares)
Q. (b) Orion Enterprises Ltd. Invited applications for …
Ans.
Books of Orion Enterprises Ltd.
Journal
Date Particulars L. Dr. Cr.
F. Amount Amount
(₹) (₹)
Bank A/c Dr. $\displaystyle 8,00,000$
To Equity Share Application A/c $\displaystyle 8,00,000$
(Application money received on $\displaystyle 2,00,000$ shares @
₹ $\displaystyle 4$ per share)
Equity Share Application A/c Dr. $\displaystyle 8,00,000$
To Equity Share Capital A/c $\displaystyle 2,10,000$
To Securities Premium A/c $\displaystyle 70,000$
To Equity Share allotment A/c $\displaystyle 3,00,000$
To Bank A/c $\displaystyle 2,20,000$
(Share application money transferred to share capital
a/c, securities premium a/c, share allotment a/c and
balance refunded)
Equity Share Allotment A/c Dr. $\displaystyle 4,20,000$
To Equity Share Capital A/c $\displaystyle 4,20,000$
(Share allotment due on $\displaystyle 70,000$ shares @ ₹ $\displaystyle 6$ per
share)
Bank A/c Dr. $\displaystyle 1,19,000$
Call in Arrears A/c Dr. $\displaystyle 1,000$
To Equity Share Allotment A/c $\displaystyle 1,20,000$
(Amount received on share allotment except on $\displaystyle 500$
shares)
Or
Bank A/c Dr. $\displaystyle 1,19,000$
To Equity Share Allotment A/c $\displaystyle 1,19,000$
(Amount received on share allotment except on $\displaystyle 500$
shares)
Equity Share First and Final Call A/c Dr. $\displaystyle 70,000$
To Equity Share Capital A/c $\displaystyle 70,000$
(Share first and final call due on $\displaystyle 70,000$ shares @ ₹
$\displaystyle 1$ per share)
Bank A/c Dr $\displaystyle 69,300$
Calls in Arrear a/c Dr $\displaystyle 700$
To Equity Share First and Final Call A/c $\displaystyle 70,000$
(Share first and final call money received on $\displaystyle 69,300$
shares)
Or
Bank A/c Dr. $\displaystyle 69,300$
To Equity Share First and Final Call A/c $\displaystyle 69,300$
(Share first call and final call money received on
$\displaystyle 69,300$ shares)
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CBSE Class 12 Accountancy past-paper question from the 2026 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.