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Question 17 Chapter 8 of +2-Part-1
17. (Call in Arrears/Cash Book/Balance Sheet) Delhi Milk Supply Co. issued prospectus for 40,000 shares of Rs. 10 each. Amount is payable Rs. 2 on application ; Rs. 4 on allotment, Rs. 3 on first call and Rs. 1 on second and final call.
Ashok did not pay first call and final call on 2,000 shares. While Anil did not pay final call on his 1,000 shares.
Prepare Journal Cash Book and Balance Sheet.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | Share Application A/c (40,000X2) | Dr. | 80,000 | ||
| To Share capital A/c | 80,000 | ||||
| (Being application money transferred to Share cap. A/c) | |||||
| b) | Share Allotment A/c (40,000X4) | Dr. | 1,60,000 | ||
| To Share capital A/c | 1,60,000 | ||||
| (Being allotment money due on 40,000 share @ 4 per shares) | |||||
| c) | Share first Call A/c(40,000X3) | Dr. | 1,20,000 | ||
| To Share capital A/c | 1,20,000 | ||||
| (Being first call money due on 40,000 share @ 3 per shares) | |||||
| d) | Calls in arrears A/c | Dr. | 6,000 | ||
| To Share first Call A/c | 6,000 | ||||
| (Being amount unpaid on first call ) | |||||
| e) | Share second & final Call A/c (40,000X1) | Dr. | 40,000 | ||
| To Share capital A/c | 40,000 | ||||
| (Being final call money due on 40,000 share @ Rs. 1 per shares) | |||||
| f) | Calls in arrears A/c | Dr. | 3,000 | ||
| To Share final Call A/c | 3,000 | ||||
| (Being final call money not received ) | |||||
Cash Book
| Particulars | Rs. |
Particulars |
Rs. |
|---|---|---|---|
| To Share application A/c (40,000X2) | 80,000 | By Balance c/d | 3,91,000 |
| To Share allotment A/c (40,000X4) | 1,60,000 | ||
| To Share first call A/c (38,000X3) | 1,14,000 | ||
| To Share final call A/c (37,000X1) | 37,000 | ||
| 3,91,000 | 3,91,000 |
Delhi Milk Supply Co. Ltd. Balance Sheet
| Particulars | Note no. |
Rs. | |
|---|---|---|---|
| i) | Equity & Liability | ||
| Shareholders fund | |||
| Share Capital | 1 | 3,91,000 | |
| Total | 3,91,000 | ||
| ii) | Assets | ||
| Current Assets | |||
| Cash & Cash equivalent | 2 | 3,91,000 | |
| Total | 3,91,000 |
Note
| Particulars | Rs. | ||
|---|---|---|---|
| 1 | Share capital | ||
| Authorized capital | |||
| Issued capital | |||
| 40,000 shares of Rs. 10 each | 4,00,000 | ||
| Subscribed capital | |||
| Subscribed & fully Paid up | |||
| 37,000 shares of Rs. 10 each | 3,70,000 | ||
| Subscribed & not fully Paid up | |||
| 3,000 shares of Rs. 10 each | 30,000 | ||
| Less : Calls in Arrears | |||
| (2,000 X 4) | 8,000 | ||
| (1,000 X 1) | 1,000 | 21,000 | |
| Total | 3,91,000 | ||
| 2 | Cash & Cash equivalent | ||
| Cash at Bank | 3,91,000 | ||
| Total | 3,91,000 |
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 17 Chapter 8 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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