Question 17 Chapter 8 of Class 12 Part – 2 – 2024

Question 17 Chapter 8 of Class 12 Part – 2 – 2024

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.

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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