Question 22 Chapter 8 of Class 12 Part – 2 – 2024

Question 22 Chapter 8 of Class 12 Part – 2 – 2024

19C. (Interest on calls in arrears and calls in advance) Anamika limited applications for 5,000 shares of 100 each payable as follows:
On application 30
On allotment 20
On first and last demand 50.
All the shares were applied for and allotted. One shareholder holding 200 share paid the whole of the amount due along with allotment. Another shareholder did not pay the allotment money on his 300 share but which he paid with the first and final call. Directors have decided to charge and allow interest, as the case may be, on calls in arrears and call in advance respectively according to the provision of Table F. There is a gap between allotment and call money in three (3) months. Journalise the transactions.

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Journal

Date	Particulars		L.F.	Debit	Credit
a)	Bank A/c	Dr.		1,50,000
	To Share Application A/c				1,50,000
	(Being application money received on)
b)	Share Application A/c	Dr.		1,50,000
	To Share capital A/c				1,50,000
	(Being application money transferred to Share cap. A/c)
c)	Share Allotment A/c	Dr.		1,00,000
	To Share capital A/c				1,00,000
	(Being allotment money due on 7,000 share @ Rs.25 each )
d)	Bank A/c	Dr.		1,04,000
	Calls in arrears (300 X 20)	Dr.		6,000
	To Share allotment A/c				1,00,000
	To Calls in advance A/c				10,000
	(Being allotment money real)
e)	Share first & final Call A/c	Dr.		2,50,000
	To Share capital A/c				2,50,000
	(Being final call due )
f)	Bank A/c	Dr.		2,46,000
	Calls in advance A/c	Dr.		10,000
	To Share first & final Call A/c				2,50,000
	To call in advance				6,000
	(Being call money received)
g)	Interest on Call in advance A/c	Dr.		300
	To Bank A/c				300
	(Being amt. paid call in advance )
h)	Bank A/c	Dr.		150
	To Interest on Call in arrears A/c				150
	(Being amt. received call in advance )