Question 21 Chapter 8 of Class 12 Part – 2 – 2024

Question 21 Chapter 8 of Class 12 Part – 2 – 2024

19B (Called up Capital, Calls in Arrears and Calls in Advance in Balance sheet).Roma Ltd. was registered with a capital of Rs. 10,00,000 in shares of Rs. 100 each. It issued 7,000 shares at par playable Rs. 25 on application, Rs. 25 on Allotment, Rs. 30 on first call and Rs. 20 on final call .
Shares were fully subscribed and allotted. Ravi holding 400 shares did not pay first call while Ajay holding 600 shares paid the full amount of shares on allotment.
Journalise the transactions assuming that final call was not made. Also prepare the Balance Sheet of the company.

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Journal

Date	Particulars		L.F.	Debit	Credit
a)	Bank A/c	Dr.		1,75,000
	To Share application A/c				1,75,000
	(Being application money received on 7,000 shares @ Rs. 25 Each )
b)	Share Application A/c	Dr.		1,75,000
	To Share capital A/c				1,75,000
	(Being application money transferred to Share cap. A/c)
c)	Share Allotment A/c	Dr.		1,75,000
	To Share capital A/c				1,75,000
	(Being allotment money due on 7,000 share @ Rs.25 each )
d)	Bank A/c	Dr.		2,05,000
	To Share allotment A/c				1,75,000
	To Calls in advance A/c				30,000
	(Being allotment money received along with calls in advance on 600 share @ Rs.50 each )
e)	Share first Call A/c	Dr.		2,10,000
	To Share capital A/c				2,10,000
	(Being first call money due on 19,500 share & call in advance on shares adjusted)
f)	Bank A/c	Dr.		1,80,000
	Calls in advance A/c	Dr.		18,000
	Calls in arrear A/c	Dr.		12,000
	To Share First Call A/c				2,10,000
	(Being first call money received on 19,500 shares & call in advance on 500 shares adjusted )

Rome Ltd. Balance Sheet

	Particulars	Note no/.	Current year
i)	Equity & Liability
	(1) Shareholders fund
	(a) Share Capital	1	5,48,000
	(2) Current Liabilities
	(c) Other Current Liabilities	2	12,000
	Total		5,60,000
ii)	Assets
	(2) Current Assets
	(d)Cash & Cash equivalent	2	5,60,000
	Total		5,60,000

Note to Accounts:-

	Particulars
i)	Shared capital
	Authorized capital
	10,000 Equity shares of Rs. 100 each		10,00,000
	Issued capital
	7,000 Equity shares of Rs. 100 each		7,00,000
	Subscribed capital
	Subscribed & not fully Paid up
	7,000 shares of Rs. 100 each Rs. 80 called	5,60,000
	Less : Calls in Arrears (400 X 30)	12,000	5,48,000
2)	Reserve & Surplus
	Securities Premium Reserve		12,000
3)	Cash & Cash equivalent
	Cash at Bank		5,60,000