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Question 4 Chapter 8 of Class 12 Part – 2 - 2024
4. (Journal/Balance Sheet) Amritsar company has an authorized capital of Rs. 10,00,000 divided into Rs. 100 share. It invited applications for 3,000 shares.
Amount is payable; Rs. 25 on application; Rs. 35 on allotment and balance in two equal installments on first call and final call.
The money was duly received on 3,000 shares. Show entries in journal and prepare Balance Sheet.
We are providing a solution of Question 4 Chapter 8 of Class 12 Part – 2 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:
The video consists solution of question numbers from 4 to 6 Chapter no. 8 class 12 of Usha publication. To check the direct solution of question no. 4 from the flowing video by using time stamps of the video.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | Bank A/c | Dr. | 75,000 | ||
| To Share Application A/c | 75,000 | ||||
| (Being application money received on 3000 @ 25 each ) | |||||
| b) | Share Application A/c | Dr. | 75,000 | ||
| To Share capital A/c | 75,000 | ||||
| (Being application money transferred to Share cap. A/c) | |||||
| c) | Share Allotment A/c | Dr. | 1,05,000 | ||
| To Share capital A/c | 1,05,000 | ||||
| (Being allotment money due on 3000 share @ 35 each ) | |||||
| d) | Bank A/c | Dr. | 1,05,000 | ||
| To Share Allotment A/c | 1,05,000 | ||||
| (Being allotment money received ) | |||||
| e) | Share first & Final Call A/c | Dr. | 60,000 | ||
| To Share capital A/c | 60,000 | ||||
| (Being call money on 3000 share @ 20 each ) | |||||
| f) | Bank A/c | Dr. | 60,000 | ||
| To Share first & Final Call A/c | 60,000 | ||||
| (Being final call received ) | |||||
Balance Sheet
| Particulars |
Note No. | Current Year | ||
|---|---|---|---|---|
| i) | Equity & Liability | |||
| Shareholders fund | ||||
| Share Capital | ||||
| Long term Liabilities | ||||
| Short term Liabilities | 1 | 3,00,000 | ||
| Total | 3,00,000 | |||
| i) | Assets | |||
| Non-current Assets | ||||
| Cash at bank | 3,00,000 | |||
| Total | 3,00,000 | |||
Wroking Note:-
| Particulars |
Note No. | Current Year | |
|---|---|---|---|
| Equity Share capital | |||
| Authorized Capital | |||
| 10,000 shares of Rs. 100 each | 10,00,000 | ||
| Issued, subscribed, called & paid up 3,000 shares of Rs. 100 each fully called & paid up | 3,00,000 | ||
| 3,00,000 | |||
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.
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