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Question no 19 Chapter 1- Class 12 Part 2 Unimax
The Nagak cotton Mills Ltd. was registered on 1st Jan.2022 with a capital of ₹ 10,00,000 divided into 1,00,000 shares of ₹ 10 each. The company issued 60,000 shares of which 40,000 shares were taken up by the public and ₹ 1 per share was received with application. On 1st February, these shares were allotted and ₹ 2 per share was duly received on 28th February as allotment money. A first call of ₹ 3 per share was made on 1st March and the call money on all shares was received. The final call of ₹ 4 per shares was mode on 1st June and the amount due, was received by 30th June. Pass the necessary journal and cash book entries and prepare the balance sheet as at 30th June,2022.
Cash Book (Bank column only)
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 2022 | 2022 | ||||||
| Feb.1 | To Share application A/c | 40,000 | June 30 | By Balance C/d | 4,00,000 | ||
| (₹ 1 on 40,000 shares) | |||||||
| Feb.28 | To Share allotment A/c | 80,000 | |||||
| (₹ 2 on 40,000 shares) | |||||||
| March 1 | To Share first call A/c | 1,20,000 | |||||
| (₹ 3 on 40,000 shares) | |||||||
| June 30 | To Share final call A/c | 1,60,000 | |||||
| (₹ 4 on 40,000 shares) | |||||||
| 4,00,000 | 4,00,000 |
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2022 | |||||
| Feb.1 | Shares Application A/c | Dr. | 40,000 | ||
| To Share capital A/c | 40,000 | ||||
| (Being the application money transferred to share capital A/c) | |||||
| Feb.1 | Share Allotment A/c | Dr. | 80,000 | ||
| To Shares capital A/c | 80,000 | ||||
| (Being the allotment money due on 40,000 share @ ₹ 2 per share) | |||||
| March 1 | Shares first call A/c | Dr. | 1,20,000 | ||
| To Share capital A/c | 1,20,000 | ||||
| (Being the amount due on 30,000 shares on first call @ ₹ 3 per share) | |||||
| Shares final call A/c | Dr. | 1,60,000 | |||
| To Share capital A/c | 1,60,000 | ||||
| (Being the amount due on 30,000 shares on final call @ ₹ 4 per share) | |||||
Balance Sheet
(As per new schedule vi of companies Act
| Particulars |
Note No |
Current year ₹ | Previous year ₹ |
|---|---|---|---|
| Equity and Liabilities | |||
| 1 Shareholders funds | |||
| a. share capital | 1 | 4,00,000 | |
| Total | 4,00,000 | ||
| 2. Assets | |||
| 1. Current Assets | |||
| Cash and cash equivalents | 2 | 4,00,000 | |
| Total | 4,00,000 |
Note to Amounts
| Particulars |
₹ |
|---|---|
| 1 share capital : | |
| Authorized capital 1,00,000 shares of ₹ 10 each |
10,00,000 |
| Issued capital: | |
| 60,000 shares of ₹ 10 each | 6,00,000 |
| Subscribed capital | |
| Subscribed and fully paid up Capital | |
| 40,000 shares of ₹ 10 each | 4,00,000 |
| 4,00,000 | |
| 2. Cash and cash equivalents | |
| Cash at bank | 4,00,000 |
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.
This guide covers "Question no 19 Chapter 1- Class 12 Part 2 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax Accountancy Class 12 Part 2 - 2023.
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